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Life Insurance Policy - Check Types, Features & Benefits in 2025
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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 " 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 " 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 " 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=":R564l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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=":R764l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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 " 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=":R964l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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=":Rb64l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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=":Rd64l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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 " 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 " 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="https://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://www.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=":Rh64l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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://www.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://www.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=":Rl64l:" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="https://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="https://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 " href="/insurance/life-insurance.html" title="Term Life Insurance" aria-label="Term Life Insurance">Term Life Insurance</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline " href="/insurance/car-insurance.html" title="Car Insurance" aria-label="Car Insurance">Car Insurance</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline " href="/insurance/health-insurance.html" title="Health Insurance" aria-label="Health Insurance">Health Insurance</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline " href="/insurance/two-wheeler-insurance.html" title="Two Wheeler Insurance" aria-label="Two Wheeler Insurance">Two Wheeler Insurance</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline " href="/insurance/travel-insurance.html" title="Travel Insurance" aria-label="Travel 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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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 " 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 Plans Online in India 2025</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 bb-top-content" style="max-height:500px;overflow-y:auto"><p class="text-base "><strong>Life insurance</strong> is a contract between an individual and an insurance company, where the insurer provides financial coverage in exchange for periodic premium payments. Under this policy, the insurer agrees to pay a specified sum to the policyholder's nominee in the event of their death or after a predefined period, offering financial security and peace of mind. </p></div></div></div><div id="HUNGRY_FOR_MORE"><div class="mb-xl"><span style="background-color:#ffff009c" class="mb-xl">Updated On - 17 Feb 2025</span></div><div class="flex flex-col gap-1"><h2 class="text-lg font-bold pt-5">What is a Life Insurance Policy? </h2><p class="text-base ">A life insurance policy acts as a financial safety net. By paying a regular premium to your insurance provider, you keep the policy active. In the event of your passing, the insurer ensures a significant payout to your designated beneficiaries or family. Life insurance policies are broadly categorised into two types: Pure Protection Plans and Savings Plans. </p><p class="text-base "><strong>Pure Protection Plan</strong>: Term insurance is a pure protection plan designed to secure your family's future. It offers a substantial payout to replace income and cover expenses such as debts or daily needs in the event of your untimely demise. </p><p class="text-base "><strong>Savings Plan</strong>: A savings plan provides dual benefits: life coverage and a disciplined way to save for major financial goals, like funding your children's higher education or purchasing a home. </p><div class="text-center mt-2 mb-2"><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" target="_blank" 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><div><div class="flex flex-col gap-1"><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" target="_blank" rel="noreferrer noopener">Term Life Insurance Plans</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/term-insurance/term-insurance-plan-return-of-premium.html" target="_blank" rel="noreferrer noopener">Term Return of Premium </a>(TROP) </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> <a href="https://www.bankbazaar.com/life-insurance/whole-life-plans.html" target="_blank" rel="noreferrer noopener">Whole life Insurance</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/endowment-plans.html" target="_blank" rel="noreferrer noopener">Endowment Policies</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/ulip.html" target="_blank" rel="noreferrer noopener">Unit Linked Insurance Plans(ULIP)</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/plans-for-children.html" target="_blank" rel="noreferrer noopener">Child Plan</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/money-back-plans.html" target="_blank" rel="noreferrer noopener">Money Back Policies</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/whole-life-plans.html" target="_blank" rel="noreferrer noopener">Whole Life Policy</a> </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/annuity-pension-plans.html" target="_blank" rel="noreferrer noopener">Annuity/Pension Plans</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><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-2 mb-2"><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" target="_blank" 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">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-2 mb-2"><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" target="_blank" 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><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 ">*<strong>Note</strong> – 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">Reasons Why You Should Invest in a Life Insurance Policy</h2><p class="text-base ">The below listed are some of the reasons you should invest in a life insurance policy: </p><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Financial security for your family</strong>: Life insurance ensures that your loved ones are financially protected in case of your untimely demise. It can cover daily expenses, outstanding loans, and future financial goals like education or marriage. </li><li class="pt-1 pb-1"><strong>Debt repayment</strong>: A life insurance payout can help your family pay off liabilities such as home loans, car loans, or credit card debts without financial stress. </li><li class="pt-1 pb-1"><strong>Long-term savings and investment</strong>: Certain types of life insurance, like endowment or ULIP plans, act as both protection and a tool for saving or investing, helping you grow wealth over time. </li><li class="pt-1 pb-1"><strong>Tax Benefits</strong>: Premiums paid for life insurance policies are eligible for tax deductions under Section 80C, and the death benefit is typically tax-free under Section 10(10D) of the Income Tax Act. </li><li class="pt-1 pb-1"><strong>Coverage for Critical Illness</strong>: Many life insurance policies offer riders for critical illnesses, providing financial support during major health issues like cancer or heart disease. </li><li class="pt-1 pb-1"><strong>Affordability and Flexibility</strong>: Life insurance is available in various plans to suit different needs and budgets, making it a flexible financial solution for all stages of life. </li><li class="pt-1 pb-1"><strong>Encourages Financial Discipline</strong>: Regular premium payments cultivate a habit of saving and ensure disciplined financial planning. </li></ul><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><h2 class="text-lg font-bold pt-5">GST on Life Insurance Premium</h2><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><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 ">Life insurance operates on a simple principle. Here's an easy breakdown of how it works: </p><p class="text-base "><strong>Choose a Plan</strong>: Select a life insurance plan that suits your financial needs and goals after comparing various options. </p><p class="text-base "><strong>Pay Premiums</strong>: Decide on the coverage amount, choose a premium that fits your budget, and make regular payments to keep the policy active. </p><p class="text-base "><strong>Ensure Peace of Mind</strong>: Enjoy the assurance that your loved ones are financially protected through the life coverage provided by the policy. </p><p class="text-base "><strong>Claim Benefits</strong>: In the event of the policyholder's death or upon maturity, the insurer provides the promised benefits to the nominee or policyholder, as per the plan's terms. </p><div class="text-center mt-2 mb-2"><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" target="_blank" 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">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-2 mb-2"><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" target="_blank" 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-2 mb-2"><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" target="_blank" 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">Factors Affecting Life Insurance Policy Premiums:</h2><p class="text-base ">Several factors influence the cost of life insurance premiums in India. Here’s a breakdown of the key determinants: </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 ">Factor </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 ">Impact on Premium </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 ">Age and Gender </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Younger individuals typically pay lower premiums as they are considered lower risk. Women may pay less due to higher life expectancy. </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 ">Sum Assured </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">A higher sum assured (the payout amount) results in a higher premium. </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 ">Policy Term </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Longer coverage periods generally lead to higher premiums. </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 ">Type of Policy </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Different policy types (e.g., term, endowment, or ULIP) affect the premium structure. </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 ">Medical History & Health </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Pre-existing medical conditions or poor health can increase the premium amount. </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 ">Lifestyle Habits </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Risky behaviours like smoking or excessive alcohol consumption led to higher premiums. </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 ">Occupation </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Hazardous professions, such as construction or mining, may attract higher premiums. </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 ">Family Medical History </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">A history of hereditary diseases in the family may result in higher premiums. </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 ">Rider Add-ons </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Adding riders, like critical illness or accidental death cover, increases the overall premium. </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 ">Premium Payment Mode </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Payment frequency (monthly, quarterly, annually, or lump sum) can influence the premium cost. </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 ">Geographical Location </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">The policyholder's residence can affect premiums due to regional risk factors. </p></td></tr></tbody></table></div><p class="text-base ">Understanding these factors can help individuals choose the most suitable policy and manage costs effectively. </p><h2 class="text-lg font-bold pt-5">Premium Calculation for Life Insurance </h2><p class="text-base ">Life insurance serves dual purposes, to protect your family's future and to act as a financial investment. Various policies in India provide tailored benefits to help policyholders maximise returns. Mentioned below are the key factors affecting premium calculation: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Age</strong>: Younger individuals enjoy lower premiums. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Sum Assured</strong>: Higher coverage increases the premium. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Policy Term</strong>: Longer terms may have different premium structures. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Health Condition</strong>: Healthy individuals typically receive favourable rates. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Lifestyle Habits</strong>: Smoking or other risk factors can lead to higher premiums. </li></ol><p class="text-base ">Accurately assessing your insurance needs and calculating premiums ensures sufficient coverage while avoiding financial strain. </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-2 mb-2"><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" target="_blank" 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-2 mb-2"><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" target="_blank" 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 Exclusions</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-2 mb-2"><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" target="_blank" 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">Do’s and Don'ts of Life Insurance Policies </h2><h4 class="text-sm font-bold pt-5">Do’s </h4><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 ">Action </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 ">Description </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 ">Assess Needs </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Understand your financial goals and coverage requirements before purchasing a policy. </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 ">Compare Plans </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Research and evaluate different policies to find the one that best suits your needs. </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 ">Know Policy Details </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Read the policy document carefully and clarify doubts with your insurer. </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 ">Choose the Right Type </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Select a policy that aligns with your financial goals, such as term, endowment, or ULIP. </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 ">Provide Honest Information </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Disclose accurate details about your health, habits, and lifestyle to avoid claim issues. </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 ">Pay Premiums on Time </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Ensure timely payments to keep the policy active and avoid lapses. </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 ">Nominate a Beneficiary </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Specify a nominee to ensure smooth and timely claim settlements. </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 ">Add Riders </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Enhance your coverage with relevant riders like critical illness or accidental death benefits. </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 ">Review Regularly </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Periodically update your policy to reflect life changes such as marriage or childbirth. </p></td></tr></tbody></table></div><h4 class="text-sm font-bold pt-5">Don'ts </h4><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 ">Action </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 ">Description </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 ">Provide False Information </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Avoid giving inaccurate details about your health or habits, it can lead to claim rejection. </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 ">Be Hasty </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Understand the claim process, premium payment schedule, and benefits before finalising. </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 ">Focus Only on Tax Benefits </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Look beyond tax savings; prioritise sufficient coverage for financial security. </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 ">Underinsure </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Ensure adequate coverage to avoid financial hardship during unforeseen events. </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 ">Cancel Without Thought </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Understand the implications before terminating your policy. </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 ">Ignore Updating Nominees </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Reflect significant life changes in your nominee details to avoid complications. </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 ">Delay Renewals </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Renew policies promptly to maintain coverage and benefits. </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 ">Trust Hoax Messages </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Ignore unauthorised calls or messages about life insurance to prevent fraud. </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 ">Rely Solely on Employer’s Cover </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Supplement group policies with personal life insurance for comprehensive protection. </p></td></tr></tbody></table></div><p class="text-base ">Keep these tips in mind to make informed decisions and maximise the benefits of your life insurance policy. </p><h2 class="text-lg font-bold pt-5">Essential Life Insurance Terms You Should Know </h2><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Policyholder</strong>: The individual who purchases the policy and pays the premiums. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Premiums</strong>: The fixed amount paid by the policyholder at regular intervals (monthly, quarterly, half-yearly, or annually) to maintain the policy. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Insurer</strong>: The insurance company that provides the policy assumes the risk and compensates for losses during the policy term. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Policy Term</strong>: The total period during which the policyholder receives financial protection and benefits. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Insured Person or Life Assured</strong>: The individual whose life is covered by the policy. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Nominee or Beneficiary</strong>: The person designated by the policyholder will receive the benefits in case of a claim. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Riders</strong>: Optional add-ons to enhance coverage, such as Accidental Death Benefit or Critical Illness coverage. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Maturity Benefit</strong>: The payout is provided by the insurer if the policyholder survives the policy term. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Death Benefit</strong>: The amount paid to the nominee if the insured person passes away during the policy term. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Free Look Period</strong>: A specific period during which the policyholder can review the policy terms and cancel it without incurring surrender charges. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Grace Period</strong>: An additional time frame is given to the policyholder to pay overdue premiums before the policy lapses. </li></ol></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? 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","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><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://www.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=":R58l:" 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="https://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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href="/aspiration-index-2024.html" title="Aspiration Index 2024" aria-label="Aspiration Index 2024">Aspiration Index 2024</a></li></ul></div></div></div><div class="bg-gray text-gray-foreground px-2.5 py-1"><div class="container mx-auto px-4"><div class="items-start flex justify-center gap-4 p-2.5"><div class="items-start flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Credit Card:</p><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/credit-card.html" title="Compare Credit Cards" aria-label="Compare Credit Cards">Compare Credit Cards</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/credit-card/finbooster-yes-bank-bankbazaar-co-branded-credit-card.html" title="YES BANK BankBazaar FinBooster Credit Card" aria-label="YES BANK BankBazaar FinBooster Credit Card">YES BANK BankBazaar FinBooster Credit Card</a></li><li 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Cards</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" 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></ul></div><div class="items-start flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Credit Score:</p><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/credit-score.html" title="Credit Score" aria-label="Credit Score">Credit Score</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/experian.html" title="Experian" aria-label="Experian">Experian</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/cibil/cibil-credit-score.html" title="CIBIL Score" aria-label="CIBIL Score">CIBIL Score</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/cibil/cibil-credit-report.html" title="CIBIL Report" aria-label="CIBIL Report">CIBIL Report</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/cibil/cibil-score-calculation.html" title="CIBIL Score Calculation" aria-label="CIBIL Score Calculation">CIBIL Score Calculation</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/cibil/how-to-improve-cibil-credit-score.html" title="How to Improve Credit Score" aria-label="How to Improve Credit Score">How to Improve Credit Score</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/cibil/credit-monitoring.html" title="How to Monitor Credit Score" aria-label="How to Monitor Credit Score">How to Monitor Credit Score</a></li></ul></div><div class="items-start flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Personal Loan:</p><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/personal-loan.html" title="Compare Personal Loans" aria-label="Compare Personal Loans">Compare Personal Loans</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/sbi-personal-loan.html" title="SBI Personal Loan" aria-label="SBI Personal Loan">SBI Personal Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/hdfc-personal-loan.html" title="HDFC Personal Loan" aria-label="HDFC Personal Loan">HDFC Personal Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/axis-personal-loan.html" title="Axis Personal Loan" aria-label="Axis Personal Loan">Axis Personal Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex 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Loans</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/sbi-home-loan.html" title="SBI Home Loan" aria-label="SBI Home Loan">SBI Home Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/hdfc-home-loan.html" title="HDFC Home Loan" aria-label="HDFC Home Loan">HDFC Home Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/axis-home-loan.html" title="Axis Home Loan" aria-label="Axis Home Loan">Axis Home Loan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" 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 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/home-loan-eligibility.html" title="Home Loan Eligibility" aria-label="Home Loan Eligibility">Home Loan Eligibility</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/home-loan/repo-rate.html" title="Current Repo Rate 2024" aria-label="Current Repo Rate 2024">Current Repo Rate 2024</a></li></ul></div><div class="items-start flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Fixed Deposit:</p><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/sbi-fixed-deposit.html" title="SBI Fixed Deposit" aria-label="SBI Fixed Deposit">SBI Fixed Deposit</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/hdfc-fixed-deposit.html" title="HDFC Fixed Deposit" aria-label="HDFC Fixed Deposit">HDFC Fixed Deposit</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/axis-fixed-deposit.html" title="Axis Fixed Deposit" aria-label="Axis Fixed Deposit">Axis Fixed Deposit</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/post-office-fixed-deposit-rate.html" title="Post Office Fixed Deposit" aria-label="Post Office Fixed Deposit">Post Office Fixed Deposit</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/senior-citizen-fixed-deposit.html" title="Senior Citizen Fixed Deposit" aria-label="Senior Citizen Fixed Deposit">Senior Citizen Fixed Deposit</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/5years-fd-interest-rates.html" title="5 Years FD Interest Rates" aria-label="5 Years FD Interest Rates">5 Years FD Interest Rates</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/monthly-income-scheme.html" title="Monthly Income FD Schemes" aria-label="Monthly Income FD Schemes">Monthly Income FD Schemes</a></li></ul></div><div class="items-start flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Calculator:</p><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/calculators.html" title="All Finance Calculators" aria-label="All Finance Calculators">All Finance Calculators</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/home-loan/emi-calculator.html" title="Home Loan Calculator" aria-label="Home Loan Calculator">Home Loan Calculator</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" 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 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" 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 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/fixed-deposit/fd-calculator.html" title="FD Calculator" aria-label="FD Calculator">FD Calculator</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/recurring-deposit/rd-interest-calculator.html" title="RD Calculator" aria-label="RD Calculator">RD Calculator</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-white" href="/finance-tools/emi-calculator.html" title="EMI Calculator" aria-label="EMI Calculator">EMI Calculator</a></li></ul></div></div><div data-orientation="horizontal" role="none" class="shrink-0 bg-slate-200 dark:bg-slate-800 h-[1px] w-full my-4"></div><div class="items-center flex justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Learn More:</p><ul class="flex gap-2.5"><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://blog.bankbazaar.com/category/credit-cards/" title="Credit Cards" aria-label="Credit Cards">Credit Cards</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://blog.bankbazaar.com/yes-bank-bankbazaar-finbooster-credit-card/" title="Credit Card Offers" aria-label="Credit Card Offers">Credit Card Offers</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://blog.bankbazaar.com/category/investment/" title="Investments" aria-label="Investments">Investments</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://blog.bankbazaar.com/category/money-management/" title="Money Management" aria-label="Money Management">Money Management</a></li></ul></div><div class="items-center flex justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Others:</p><ul class="flex gap-2.5"><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/car-loan.html" title="Car Loan" aria-label="Car Loan">Car Loan</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/tax.html" title="Income Tax" aria-label="Income Tax">Income Tax</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/ifsc-code.html" title="Bank IFSC Code" aria-label="Bank IFSC Code">Bank IFSC Code</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/gold-rate-india.html" title="Gold Rate" aria-label="Gold Rate">Gold Rate</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/indian-holiday-calendar.html" title="Indian Holidays" aria-label="Indian Holidays">Indian Holidays</a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="/visa.html" title="Visa" aria-label="Visa">Visa</a></li></ul></div><div data-orientation="horizontal" role="none" class="shrink-0 bg-slate-200 dark:bg-slate-800 h-[1px] w-full my-4"></div><div class="items-start flex justify-center gap-4 p-2.5"><div class="items-center flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Mobile Apps:</p><ul class="flex gap-2.5"><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://bnkbzr.page.link/qBro" title="Google play" target="_blank" aria-label="Google play"><img src="https://static.bankbazaar.com/images/download-android-application.svg" alt="Google play" title="Google play" width="121" height="36" loading="lazy" style="max-width:100%;display:inline"/></a></li><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://bnkbzr.page.link/qBro" title="Apple Store" target="_blank" aria-label="Apple Store"><img src="https://static.bankbazaar.com/images/india/infographic/apple-store-button.svg" alt="Apple Store" title="Apple Store" width="121" height="36" loading="lazy" style="max-width:100%;display:inline"/></a></li></ul></div><div class="items-center flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Contact Us:</p><ul class="flex gap-2.5"><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="mailto:support@bankbazaar.com" title="support[at]bankbazaar[dot]com" aria-label="support[at]bankbazaar[dot]com"><span class="relative flex shrink-0 overflow-hidden rounded-full bg-white w-6 h-6 mr-1 items-center"><svg xmlns="https://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-mail h-4/5 text-base fill-gray"><rect width="20" height="16" x="2" y="4" rx="2"></rect><path d="m22 7-8.97 5.7a1.94 1.94 0 0 1-2.06 0L2 7"></path></svg></span>support[at]bankbazaar[dot]com</a></li></ul></div><div class="items-center flex flex-col justify-center gap-4 p-2.5"><p class="text-sm text-white font-bold ">Follow Us:</p><ul class="flex gap-2.5"><li class="text-sm inline-block w-auto pt-1 pb-1 m-1.5"><a class="inline-flex hover:underline no-underline text-white" href="https://twitter.com/bankbazaar" 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