Buy life insurance plans that offer the financial security of whole life coverage until you turn 99. Additionally, get coverage against 55 critical illnesses and assured maturity benefits. Term plans start from Rs. 14/day* for Rs. 1 crore coverage.
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A life insurance policy is a contract between an individual (policyholder) and an insurance provider. In a life insurance policy, the insurance company provides a predefined amount to the beneficiary (like a family member or a dependent) in case of the policyholder’s death. To avail this facility, the policyholder pays a regular premium to the insurance company. This works as a financial safety net for the dependent of the policyholder in the event of their death.
Contractual agreement:
Life insurance is a legal contract between the policyholder and the insurance company. It outlines the terms, conditions, and obligations, ensuring that the insurer pays the promised amount to the nominee on the policyholder’s death.
Premium payment:
The policyholder pays a regular fee known as a premium—monthly, quarterly, or yearly—to keep the policy active. The amount depends on the coverage, age, health, and policy type.
Death cover:
This is the core benefit of life insurance. It is the sum assured paid to the nominee if the insured person passes away during the policy term.
Financial protection:
Life insurance ensures that the policyholder’s family is financially supported, especially in covering daily expenses, loans, or children’s education after the insured’s death.
Peace of mind:
Having life insurance gives individuals confidence that their loved ones will be looked after financially, no matter what happens.
Types of life insurance:
Common types include term insurance, whole life insurance, endowment plans, and ULIPs—each offering different benefits and coverage.
Here’s how a life insurance policy works:
Purchase policy:
Individuals first need to buy a life insurance plan that suits their financial goals and protection needs. They can compare different policies based on coverage amount, policy term, premium affordability, and additional benefits before selecting the most suitable option.
Pay premiums:
The insured needs to pay regular premiums to the insurer to keep the policy active. Premiums can be paid monthly, quarterly, or annually depending on the plan chosen. Timely payments ensure continuous life cover and uninterrupted protection for the policyholder’s family.
Risk assessment:
The insurer evaluates important factors such as the applicant’s age, health condition, lifestyle habits, occupation, and medical history. This assessment helps the insurer determine the level of risk involved and decide the premium amount and coverage eligibility for the policy.
Activate policy:
Once the application is approved and the initial premium is paid, the life insurance policy becomes active. From this point onward, the policyholder receives coverage for the chosen term, ensuring financial protection for their family during the policy period.
Policyholder's demise:
If the policyholder passes away during the policy tenure, the nominated beneficiaries or family members can inform the insurance company and initiate the claim process by submitting the required documents and details related to the policy.
Claim approval:
After receiving the claim request, the insurer carefully verifies the submitted documents, policy details, and cause of death. If all information is valid and the policy conditions are met, the insurer approves the claim for payout.
Beneficiary payout:
Once the claim is approved, the insurer provides the death benefit to the nominee or beneficiaries mentioned in the policy. This payout is generally tax-exempt and helps the family manage living expenses, liabilities, or future financial responsibilities.
Buying life insurance is more than paperwork — it’s a long-term financial commitment for your family’s security.
When you buy life insurance, the first thing that happens is financial risk transfer. You enter into a contract with the insurer, where you agree to pay premiums regularly, and in return, the company promises to provide a payout to your nominee if something happens to you during the policy term. This agreement is legally binding and clearly outlines the coverage amount, policy duration, premium payment schedule, and conditions under which claims are paid.
Next comes underwriting. The insurance company evaluates your age, health condition, medical history, lifestyle habits, occupation, and income to determine the level of risk involved. Based on this assessment, they decide your premium amount. You may be required to undergo medical tests, especially if the coverage amount is high. Once approved, your policy is issued, and coverage begins either immediately or after the first premium payment is successfully processed.
After your policy becomes active, you are required to pay premiums on time — monthly, quarterly, half-yearly, or annually, depending on the option you selected. As long as premiums are paid consistently, the coverage remains active. If premiums are missed beyond the grace period, the policy may lapse, which means the benefits could stop unless revived within a specified timeframe.
If you have chosen add-ons or riders, such as critical illness, accidental death cover, or waiver of premium, those additional protections become part of your policy. These riders enhance your coverage beyond basic life protection and may provide payouts under specific circumstances defined in the policy document.
Over time, depending on the type of life insurance you purchased, the policy may also build value. For example, certain policies like endowment or whole life plans may accumulate a savings component. Term insurance, on the other hand, focuses purely on protection and does not offer maturity benefits unless you opted for a return of premium feature.
Most importantly, life insurance creates financial continuity for your loved ones. In the unfortunate event of the policyholder’s death during the policy term, the nominee must file a claim with the insurer. After verifying documents such as the death certificate and policy details, the insurer processes the claim and pays the sum assured according to the chosen payout structure — either as a lump sum, monthly income, or a combination of both.
Beyond claims, buying life insurance also brings peace of mind. It ensures that ongoing expenses such as household costs, children’s education, loan repayments, and future goals can still be managed without financial strain. It becomes a foundational part of your financial planning strategy, complementing savings and investments.
In simple terms, when you buy life insurance, you secure your family’s financial stability. You commit to disciplined premium payments today so that your loved ones remain protected tomorrow. It transforms uncertainty into preparedness and provides reassurance that your responsibilities will continue to be fulfilled, even in your absence.
Life insurance policies come with several built-in features that make them flexible, secure, and suitable for different financial needs. Here are some key features:
Flexible premium payment options
Policyholders can choose premium payment frequencies such as monthly, quarterly, or annually. Many plans also offer flexible premium structures, allowing individuals to select a payment option that fits their income pattern and financial planning preferences.
Return of premium benefit
Some life insurance plans offer a return of premium feature. If the policyholder survives the policy term and no claim is made, the insurer returns the total premiums paid during the policy tenure, providing both protection and savings.
Add-on riders to enhance coverage
Policyholders can increase their protection by adding optional riders such as critical illness cover, accidental death benefit, accidental total permanent disability benefit, and waiver of premium rider. These add-ons help customise the policy according to individual protection needs.
Extensive critical illness coverage
Certain life insurance policies provide coverage for multiple chronic or terminal illnesses. This helps manage medical expenses and provides financial support if the insured is diagnosed with a serious health condition.
Maturity benefits
Many life insurance plans, especially endowment and savings-oriented policies, provide maturity benefits if the policyholder survives the policy term. The payout may include the guaranteed sum assured along with bonuses, depending on the plan.
Life insurance policies provide financial security and long-term support for individuals and their families. Some of the key benefits include:
Financial security for your family
Life insurance ensures that your family receives financial support in case of your untimely demise. The death benefit can help cover daily expenses, repay outstanding liabilities, and maintain your family’s financial stability.
Assured income benefits
Certain life insurance plans provide income benefits after maturity. Policyholders can receive the payout as a lump sum or opt for regular monthly income, helping them manage future expenses or financial commitments.
Tax benefits
Premiums paid towards life insurance policies may qualify for tax deductions under Section 80C of the Income Tax Act, while the death cover is generally tax-exempt under Section 10(10D), subject to applicable conditions.
Support for long-term financial goals
Life insurance can help build a financial cushion that supports major life goals such as funding a child’s education, purchasing a home, or managing other important life milestones.
Retirement planning support
Certain life insurance plans, such as pension or annuity-based policies, help individuals accumulate savings during their working years and convert them into regular income after retirement, ensuring financial independence and stability later in life.Top of Form
Life insurance is an integral part of financial planning and provides protection and peace of mind for individuals and their loved ones. There are several types of life insurance policies available in the market, each with its own unique features and benefits. Here are some of the most common types of life insurance policies:
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Types of life insurance policies | Coverage |
Term life insurance | Protection only: covers for fixed term at affordable premium. |
Whole life insurance | Lifetime cover + savings: builds cash value over lifetime. |
Universal life insurance | Flexible life cover + savings: allows adjustable premiums and cash value. |
Variable life insurance | Investment + protection: lifetime cover with premium-based investments. |
Endowment life insurance | Savings + insurance: pays lump sum on maturity. |
Non-linked participating endowment plan | Savings + bonuses: guaranteed payout with performance-based bonuses. |
Unit Linked Insurance Plan (ULIP) | Investment + life cover: returns depend on market-linked funds. |
Retirement plan | Retirement income + life cover: ensures regular income post-retirement. |
Child plan | Child’s future + financial protection: secures education even in policyholder’s absence. |
Life insurance policies are designed to meet diverse financial goals, providing protection, savings, and investment opportunities.
Each type of life insurance policy caters to specific needs, allowing individuals to choose a plan that aligns with their financial goals.
Life insurance plans offer financial protection to your family in case of your untimely death. For example, A 30-year-old person buys a 20-year life insurance plan. The plan has a sum insured of Rs. 1 crore. They pay annual premiums of Rs. 15,000. If the policyholder dies during the term, their family receives Rs. 1 crore, ensuring financial stability. If the policyholder survives the term, they may receive maturity benefits, depending on the policy type. By paying life insurance premiums regularly, the policyholder helps keep their family financially secure. This can be through death cover or maturity benefits when the term ends.
Purchasing a life insurance plan is crucial for ensuring financial stability and safeguarding your family's future. It highlights the importance of life insurance in providing a financial safety net that covers daily expenses, outstanding liabilities, and long-term goals. It offers security, peace of mind, and structured financial support during uncertain times. Here is why investing in a life insurance policy is essential:
Ensures financial security for loved ones:
A life insurance policy provides financial protection to your family in case of an unfortunate event. It helps cover essential expenses like daily living costs, education, and outstanding debts.
Affordable life insurance premiums:
Many insurance providers offer flexible life insurance premiums based on your coverage needs. By choosing the right plan early, you can secure comprehensive coverage at a lower cost.
Covers major financial liabilities:
A life insurance policy helps manage large financial obligations such as home loans, personal loans, or medical expenses, ensuring that your family does not face financial burdens.
Acts as a long-term investment:
Certain life insurance plans provide savings plans and investment benefits, offering a lump sum payout upon maturity. This can help with retirement planning or fulfilling long-term financial goals.
Critical illness protection:
Some life insurance plans include coverage for critical illnesses, providing financial support for medical treatments and recovery without straining savings.
Ensures family support:
A life insurance policy ensures that dependents, such as children and elderly parents, receive financial assistance even in the policyholder’s absence.
Encourages savings growth:
Life insurance plans that accumulate cash value or offer investment-linked benefits contribute to wealth growth over time.
Helps in debt management:
Life insurance helps cover outstanding debts, ensuring that liabilities such as home loans and credit card bills do not become a burden for your family.
Opportunity to create wealth:
ULIP plans and other investment-linked insurance plans allow policyholders to grow wealth while enjoying life cover benefits.
Assured income for retirement:
Retirement-focused life insurance plans provide a steady income stream during post-retirement years, ensuring financial independence.
A life insurance policy is not just for the elderly or those with dependents—it is for anyone who wants to secure their future or support their loved ones financially. Whether you are starting your first job, raising a family, or planning for retirement, there is a policy designed for your needs.
Here is a breakdown of who can purchase a life insurance policy and why it might make sense for them:
Category | Why they should consider a life insurance policy |
Young professionals | Lock in low premiums early, plan future goals, and protect parents or dependents. |
Married individuals | Ensure financial security for a spouse or future children in your absence. |
Parents | Safeguard your child’s education, future milestones, and long-term needs. |
Single parents | Protect your child’s financial stability and future goals, even if you are not around. |
Homeowners with loans | Repay outstanding home or personal loans in case of untimely demise. |
Business owners | Secure business continuity and protect business partners with key person insurance. |
Self-employed individuals | Build retirement savings while also ensuring family protection. |
Senior citizens (within age limits) | Leave behind a legacy or cover estate planning costs. |
People with dependents | Provide financial support for elderly parents, spouses, or disabled dependents. |
Pro tip: Even if you think you are too young or too healthy, buying a life insurance policy early means lower premiums and greater long-term benefits. It is not about fear—it is about being prepared.
Starting early gives you a strong financial foundation. Buying life insurance at a young age is not just about protection — it’s about building stability, discipline, and long-term security. Here’s how life insurance supports young professionals at different stages of their journey.
Life insurance is essential for individuals in high-risk professions, those with disabilities, and special groups who may face challenges securing financial protection. Here’s why tailored insurance plans are crucial:
Several important factors influence the premium you pay for life insurance—understanding these can help you plan and save better.
Here are some points to keep in mind:
By considering these key points, you can choose the most suitable life insurance policy for your needs. This will help secure the financial future of your loved ones.
Choosing the right life insurance plan requires careful thought and comparison. Instead of rushing, follow a structured approach to ensure the policy aligns with your financial responsibilities, future goals, and long-term security needs.
To purchase a life insurance policy, applicants must provide essential documents for identity verification, financial assessment, and medical evaluation. Here are the key documents required:
Identity proof | Aadhaar card, passport, PAN card, or voter ID to verify the applicant’s identity. |
Address proof | Utility bills, Aadhaar card, passport, or rental agreement to confirm the applicant’s residence. |
Age proof | Birth certificate, Aadhaar card, or school leaving certificate to validate the applicant’s age. |
Income proof | Salary slips, income tax returns, or bank statements to assess financial stability and determine coverage eligibility. |
Medical records | Health reports or medical test results may be required based on age and coverage amount to evaluate risk factors. |
Photographs | Recent passport-sized photographs for policy documentation. |
The Government of India offers several affordable life insurance and social security schemes to promote financial inclusion and protection. These schemes are designed to support low-income groups, workers, senior citizens, and banking customers with accessible coverage, accident benefits, and pension support at minimal premiums.
Life insurance premiums are calculated based on multiple personal and policy-related factors. Insurers assess risk, coverage amount, and policy structure before determining the premium. Understanding these factors helps you choose coverage wisely and manage costs effectively.
Whether you prefer digital ease or personal support, both ways make life insurance plans accessible—choose what suits your style the most! Check the benefits below:
Benefits | Online life insurance plans | Offline life insurance plans |
Convenience | Buy anytime from home with just a few clicks. | Requires in-person meetings with agents. |
Transparency | Easy comparison of life insurance plans across insurers. | Relies on agent's recommendations and limited comparisons. |
Cost | Lower premiums due to no agent commissions. | Slightly higher premiums due to service fees or agent charges. |
Support | Limited to digital/phone assistance. | Personalised, face-to-face guidance and support. |
Speed | Instant policy issuance in many cases. | May take longer due to paperwork and approvals. |
Life insurance is important for financial security. It protects your loved ones and helps ensure stability in life. Whether you are starting your career or planning for retirement, a life insurance policy can secure your financial future.
Life stage | Importance of life insurance |
Young professionals | Provides financial security, helps in tax savings, and builds early investment habits. |
Married individuals | Ensures spouse’s financial stability and covers joint financial commitments like home loans. |
Parents | Secures children's education, upbringing, and future expenses in case of unforeseen events. |
Mid-life professionals | Supports retirement planning, debt repayment, and wealth accumulation. |
Retirees | Helps with estate planning, medical costs, and leaving a financial legacy for heirs. |
Life insurance needs vary across different life stages. The right policy depends on age, financial responsibilities, and long-term goals. Below is a comparison of suitable life insurance options for different age groups.
Age group | Recommended life insurance plan | Description |
18-25 years (Young adults) | Term life insurance | Ideal for young individuals starting their careers, offering affordable premiums and high coverage. Helps secure financial protection early. |
26-35 years (Early career professionals) | Term insurance, ULIPs | A combination of life cover and investment benefits, ensuring financial security while helping build wealth for future goals. |
36-45 years (Mid-career individuals) | Whole life insurance, Endowment plans | Suitable for individuals with growing responsibilities, providing lifelong coverage and savings benefits for major financial goals. |
46-55 years (Pre-retirement stage) | Retirement plans, Investment-linked insurance | Helps secure a steady income post-retirement while ensuring protection for dependents. |
56+ years (Retirement age) | Annuity plans, Pension plans | Provides a regular income after retirement, ensuring financial independence and security in old age. |
Choosing the right life insurance policy at each stage of life ensures financial stability and long-term security for individuals and their families.
Following are some of the types of investment and insurance plans you can consider investing:
Following are some tips for comparing life insurance plans in India:
Choosing the right life insurance policy depends on your financial goals, risk appetite, and life stage. Here is a quick comparison of different types of life insurance policies to help you choose a suitable one:
Type of life insurance policy | Coverage duration | Key features | Most suitable for |
Term Insurance | Fixed term (e.g., 10–30 yrs) | High cover at low cost, no maturity benefit | Budget-conscious individuals |
Whole Life Insurance | Lifetime | Life-long cover with savings component | Long-term wealth creation |
Endowment Plan | Fixed term | Combines savings and protection, offers maturity benefit | Goal-based savers |
ULIP | Flexible | Market-linked returns + insurance cover | Investment-savvy individuals |
Child Plan | Fixed term | Secures child’s future expenses, even in parent's absence | Parents planning for child’s future |
Retirement Plan | Till retirement/after | Ensures income post-retirement with life cover | Individuals planning for retirement |
Following are the options of life insurance plans that come with high returns:
You must consider the following factors when deciding about coverage on life insurance policy:
Regularly review your life insurance plans to ensure you have the most suitable life insurance coverage that adapts to your changing financial situation.
Life stage & age range | Preferred coverage | Key considerations | Suggested plans |
Young professional (20–30) | 10–15× annual income | Lower premiums, early start, no dependents yet | Term insurance, ULIPs |
Married (30–40) | 15–20× annual income + loans | Spouse’s financial security, existing EMIs | Term insurance, endowment plans |
With kids (35–50) | 20× annual income + education costs | Children’s future, higher financial responsibilities | Child plans, term + ULIP combo |
Pre-retirement (50–60) | 10–15× annual income | Retirement planning, fewer liabilities, wealth preservation | Retirement plans, whole life insurance |
Senior citizen (60+) | Coverage based on estate planning | Legacy planning, covering final expenses, supporting dependents | Whole life insurance, pension-linked policies |
Tip: Always consider lifestyle, loans, and future goals when deciding your life insurance coverage—it’s not one-size-fits-all!
When considering life insurance plans, it is essential to be aware of the dos and don’ts to make informed decisions.
Dos | Don’ts |
Assess your needs – Evaluate your financial responsibilities, such as debts, dependents, and future expenses, to determine the appropriate coverage. | Don’t underestimate coverage – Avoid choosing a policy with insufficient coverage that may not adequately support your family's needs. |
Compare plans – Research and compare different life insurance plans to find one that best suits your requirements and budget. | Don’t delay purchasing – Waiting too long to buy a policy can result in higher premiums and potential rejection due to health issues. |
Read the fine print – Carefully go through the terms and conditions, exclusions, and benefits to avoid misunderstandings later. | Don’t hide health details – Providing false or incomplete medical information can lead to claim rejection. |
Pay premiums on time – Ensure timely payment of life insurance premiums to keep your policy active and benefits intact. | Don’t ignore policy reviews – Failing to review your policy periodically may result in outdated coverage that doesn’t align with your current financial situation. |
Inform your beneficiaries – Make sure your family knows about the policy details to facilitate a smooth claims process. | Don’t overlook riders – Not considering additional coverage options, such as critical illness or accidental death benefits, may limit your financial protection. |
Following these dos and don’ts ensures you select and maintain life insurance plans that provide comprehensive financial security for your loved ones.
Women play a crucial role in managing households, careers, and financial responsibilities. Investing in a life insurance plan ensures financial security, protection, and peace of mind for themselves and their loved ones. Here are key reasons why women should consider life insurance:
Life insurance plans offer various payout options to suit different financial needs and preferences of policyholders and beneficiaries.
Choosing the right payout option in life insurance plans ensures that your beneficiaries receive the financial support they need in a manner that best suits their requirements.
Step-by-step guide on the claim process for life insurance in case of death or maturity:
The claim process for life insurance plans varies based on whether the claim is made due to the policyholder's death or at policy maturity.
Here is the step-by-step guide to raising a death claim:
Understanding the claim process for life insurance plans ensures timely and hassle-free access to benefits when needed.
To process a life insurance claim smoothly, beneficiaries must submit essential documents for verification. Proper documentation ensures a hassle-free settlement. Below are the key documents required:
Aadhaar card, PAN card, or passport to verify the beneficiary’s identity and address.
Cancelled cheque or bank statement to facilitate the direct transfer of the claim amount.
For accidental or unnatural deaths, an FIR and autopsy report are required for claim processing.
Life insurance plans offer financial protection, but certain types of death are typically not covered. Understanding these exclusions is essential to ensure clarity and avoid surprises during claim settlement.
Knowing these exclusions in life insurance plans helps policyholders get complete coverage. It also helps them take steps to reduce risks. Read the terms and conditions of your life insurance policy to know about the deaths not covered in the policy.
If you are looking for financial protection with a touch of peace of mind, a life insurance policy can offer just that.
A life insurance policy is one of the safest ways to build long-term security for your loved ones. Unlike market-linked instruments, it’s not volatile and offers assured returns or guaranteed payouts depending on the plan. It acts as a financial cushion during emergencies and ensures your family remains protected even in your absence. Some policies also include savings or investment elements, allowing your wealth to grow over time. Plus, the tax benefits make it a well-rounded, low-risk investment—perfect for those who want security, stability, and peace of mind in one plan.
Want to customise your life insurance cover to suit your needs better? Riders let you do just that.
Here are some useful riders you can add to enhance your life insurance cover:
Adding riders helps you get more from your life insurance cover by tailoring it to real-life situations and unexpected events.
Sometimes, one size does not fit all—and that includes insurance.
Buying more than one policy can help you cover different financial goals. For instance, one policy could offer basic protection, while another could be investment-linked. This strategy can provide broader financial safety for your loved ones. It also helps if you want to diversify your coverage with multiple insurers or avail of higher coverage without paying high life insurance premiums in a single policy. Just ensure your total coverage is not more than what you realistically need—balance is key.
Life changes—and so should your life insurance policy. Here are four moments when it’s wise to re-evaluate your cover:
You now have a spouse who may depend on your income.
Add more coverage to secure their education and future.
Upgrade your plan to match your growing responsibilities.
Reassess your needs and switch to a retirement-focused plan.
These milestones are perfect reminders to revisit your life insurance policy and ensure it’s still aligned with your life goals.
Understanding key life insurance terms can make it easier to choose the right policy and manage it effectively. Here are some important terms explained simply:
Features and Benefits of ULIPs
Features and benefits Child Plans
Benefits of Life Insurance in Child Plans
How to choose the best ULIP for your financial goals
The three main types of life insurance are term life insurance, whole life insurance, and universal life insurance. Term insurance offers coverage for a specific period, whole life covers you for life with savings benefits, and universal life provides flexible premiums and potential cash value growth.
There are different types of life insurance policies. Some of them are term insurance, whole life insurance, endowment plans, money-back plans, and retirement plans.
A life insurance plan gives you financial coverage for a secure future. This policy provides death coverage. You get the flexibility to choose the term. You can get a loan against your plan in case of a financial emergency. This policy also offers you the opportunity to create wealth.
You may be eligible for tax exemptions for life insurance premiums. Please check the relevant sections of the Income Tax Act of 1961.
When you have whole life cover, you are protected for the whole of your life, or however long you live. Under this plan, you pay a premium for the first 10 to 15 years and be eligible for coverage up to age 99.
The amount the policyholder receives if he cancels or surrenders the policy before maturity is known as the surrender value. It is the sum that the policyholder will get from the life insurance provider if he decides to discontinue the policy before maturity. This is only applicable if the policyholder has paid premiums for the policy for 3 consecutive years.
Life insurance is a financial protection plan where an insurer provides a sum of money to designated beneficiaries upon the policyholder’s death, in exchange for premium payments. It ensures financial security for loved ones, covering expenses like debts, living costs, and future financial goals.
The most suitable life insurance depends on individual needs. Term life insurance is ideal for those seeking affordable, high-coverage plans, while whole life or ULIPs are better for those wanting lifelong coverage and investment benefits. Assess your financial goals, budget, and family needs to choose the right plan.
Life insurance for 10 years refers to a term policy providing coverage for a decade. If the policyholder dies within this period, the beneficiaries receive the sum assured. These policies are suitable for temporary financial obligations, like covering a mortgage or children’s education costs.
Yes, critical illness cover is beneficial even if you have life insurance. It provides a lump sum payment upon diagnosis of specified critical illnesses, covering treatment costs and loss of income, ensuring comprehensive financial protection beyond the death benefit offered by standard life insurance plans.
The maximum age to avail life insurance varies by insurer and policy type but typically ranges from 55 to 65 years. Some policies may offer coverage to individuals up to 75 years old. It is crucial to check specific policy terms and conditions with your insurer.
An individual can buy multiple life insurance policies, provided they can justify the need and afford the premiums. It is common to have a combination of term and whole life policies to address different financial goals and provide comprehensive coverage.
To make a life insurance claim, notify the insurer of the policyholder’s death, submit the necessary documents (death certificate, policy document, claim form, identity proof), and cooperate with any additional investigations. Once verified, the insurer will disburse the sum assured to the beneficiaries.
Yes, life insurance is beneficial for senior citizens as it helps cover medical expenses, outstanding debts, and funeral costs. Some policies also offer financial security for dependents or serve as an inheritance, ensuring peace of mind in later years.
If you stop paying your life insurance premiums, your policy may lapse, leading to a loss of coverage and benefits. Some policies offer a grace period, while others may allow revival with penalties. In cash-value policies, unpaid premiums may be deducted from the policy’s value.
Yes, some policies offer early payouts under specific conditions, such as critical illness, disability, or terminal illness. Riders like accelerated death covers or cash-value withdrawals in permanent life insurance plans allow policyholders to access funds during their lifetime if needed.
T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited), HDFC Life Insurance Company Limited, Life Insurance Corporation of India, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.
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^ Above illustration is for Bajaj Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V05) considering Male aged 23 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 4,705. 2nd Year onwards premium Rs. 5,100. Total Premium Rs. 1,52,605 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.
**Above illustration is for Bajaj Life iSecure II - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 24 years | Non-Smoker | Policy Term (PT) – 20 years | Premium Payment Term (PPT) – 20 years | Sum Assured opted is Rs. 1,00,00,000 | Offline Channel | Standard Life | Yearly Premium - Rs. 9,589. Total Premium is Rs. 1,91,771 | Medical Rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.
*** SA - 1Cr
PT/PPT - 15Yrs
Gender – female
Age-18 yr old
Monthly premium = 505 INR
Please note that the above premium is for a healthy, non-smoker live, who is an existing customer and HDFC Life group employee. Premium shown exclusive of taxes
1Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.
+Bajaj Life Goal Assure IV ULIP plan provides more value for staying invested by allocating a percentage of average of the daily Regular Premium Fund Values during the previous 3 year (including the current year) starting from 10th policy year.
*Above illustration is for Bajaj Life Goal Assure IV is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) considering Male aged 25 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 10 years | Total premiums Rs. 48,00,000 | Monthly Premium Payment Mode | Sum Assured Rs. 48,00,000 | In case of unfortunate death during the 7th policy year, death benefit payable at 4% and 8% will be Rs. 48,00,000. This illustration is considering investment in "Pure Stock II Fund ULIF07709/01/17PURSTKFUN2116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
At 8% assumed investment return on 20th Policy Year ₹. 1,28,08,635
At 4% assumed investment return on 20th Policy Year ₹. 71,94,632.The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.
*^^Above illustration is for Bajaj Life Smart Wealth Goal V is A Unit-linked Non (UIN: 116L204V01) considering Male aged 35 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 10 years | Total premiums Rs. 10,00,000 | Annual Premium Payment Mode | Sum Assured Rs.10,00,000 | In case of unfortunate death during the 5th policy year, death benefit payable at 4% and 8% will be Rs. 10,00,000. This illustration is considering investment in "Pure Stock II Fund - ULIF07709/01/17PURSTKFUN2116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
At 8% assumed investment return on 20th Policy Year ₹. 25,17,272
At 4% assumed investment return on 20th Policy Year ₹. 14,17,266
The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.
2 The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure
`*Above illustration for Bajaj Life Guaranteed Wealth Goal (UIN:116N200V04) is A Non linked, Non Participating, Individual, Life Insurance Savings Plan considering Male | Age-3 years | Policyholder’s Age 35 years | Policy Term-15 years | Premium payment term-10 years | Deferment Period-5 year | Auto pay option opted | Plan Option-Option 1 | Income Period-30 years | Premium Payment Frequency - Monthly | Income Payout Frequency - Monthly | Income payout starts from 16th policy year | Return of premium opted | The Income payouts will be paid in arrears as per chosen payout frequency | The premium mentioned above are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws | In case of an unfortunate death in the 1st policy year, death benefit will be ₹14,86,910
*^ Premium calculated is for: Age- 18 year old Male, Tenure : 10 years, PPT: 5 years, Sum Assured on Death : 13,70,000,Maturity Amount : 6,51,500 and Annual Premium without GST.
3Loyalty Additions every year from 10th Policy Year till 25th Policy Year for policies with Annualized Premium less than 10 Lakhs
^^Above illustration is for Bajaj Life LongLife Goal III is A Unit-Linked Non-Participating Whole Life Insurance Plan (UIN: 116L203V01) considering Male aged 35 years | Standard Life | Policy term (PT) - 64 years | Premium Payment Term (PPT) - 20 years | Total premiums Rs. 12,00,000 | Annual Premium Payment Mode | Pan Variant: Longlife Goal without waiver of Premium | Retired Life income opted | % of fund value for retired life income: 12% | Sum Assured Factor: 10 | Sum Assured Rs. 6,00,000 | In case of unfortunate death during the 5th policy year, death benefit payable at 4% and 8% will be Rs. 6,00,000. This illustration is considering investment in "Pure Stock II Fund - ULIF07709/01/17PURSTKFUN2116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
At 8% assumed investment return on 64th Policy Year ₹. 3,27,19,211At 4% assumed investment return on 64th Policy Year ₹. 1,07,47,340
*`Above illustration is for a 35 years Male | Premium amount ₹2 Lakhs | Premium paying term 12 Years | Deferment Period 12 years | Premium paying frequency - Yearly | Annuity Frequency - Yearly | Annuity Option B - Life annuity with Return of Purchase Price (ROP) on death of annuitant. Assuming the Annuitant death at 100 Years. Total benefits received under the policy shall be ₹1,31,05,344
**^Guaranteed Annuity Payment from 11th Year onwards (Whole Life) : 1,76,038 Annually
Sum Assured on Death(during PPT period) : 105% of total premium paid (mentioned below Year wise)
Annual Premium without GST : 192,911*
Premium calculated is for:
Age- 45 year old Male
Tenure : Whole Life ( Till age 99)
PPT: 10 years
Deferment period: 10 Years
Coverage mentioned is the Death benefit in the 10th year of the policy
*`^Loyalty Additions available under this plan – a) Return of 2X to 3X Mortality Charge from 11th policy year, b) Return of 2X Premium Allocation Charge from policy year 10 to 13, c) Return of Fund Management Charge (FMC) on Maturity, d) Return of 2X of Investment Guarantee Charge on Maturity , e) Loyalty Addition at Maturity upto 2.5% of Annualized Premium
^^* Premium calculated is for: Age- 18 year old Male, Tenure : 25 years, PPT: 25 years, Sum Assured : 100,00,000, Riders : Income Benefit on Accidental Disability Rider (SA: 1 Cr), HDFC Life Protect Plus Rider (SA: 50 Lacs), Annual Premium without GST : 1,05,300*
Final Fund value @4% : 39,47,387
Final Fund value @8% : 65,49,861
^^^Above illustration is for Bajaj Life Goal Assure IV is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) considering Male aged 25 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 20 years | Total premiums paid Rs. 7,20,000 | Monthly Premium Payment Mode | Sum Assured Rs. 3,60,000 | Incase of unfortunate death during the 8th policy year, death benefit payable at 4% and 8% will be Rs. 3,60,000. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
Assumed investment returns on 20th Policy Year | CAGR* |
₹14,50,242 | 8%* |
₹ 9,46,134 | 4%* |
The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.
` Above illustration is for Bajaj Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN: 116L203V01) considering Male aged 25 years | Standard Life | Plan Variant- LongLife Goal Without Waiver of Premium | Policy term (PT) - 25 years | Premium Payment Term (PPT) - 15 years | Total premiums paid Rs. 4,50,000 | Monthly Premium Payment Mode | Sum Assured Rs. 2,10,000 | Incase of unfortunate death during the 6th policy year, death benefit payable at 4% and 8% will be Rs. 2,10,000. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
Assumed investment returns on 25th Policy Year | CAGR* |
₹ 3,65,12,889 | 8%* |
₹ 1,70,40,944 | 4%* |
The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.
***Above illustration is for Bajaj Life Smart Wealth Goal V is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V02) considering Male aged 25 years | Standard Life | Policy term (PT) - 10 years | Premium Payment Term (PPT) - 10 years | Total premiums paid Rs. 4,80,000 | Monthly Premium Payment Mode | Sum Assured Rs. 7,20,000 | Incase of unfortunate death during the 1st policy year, death benefit payable at 4% and 8% will be Rs. 7,20,000. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.
Assumed investment returns on 10th Policy Year | CAGR* |
₹ 6,45,460 | 8%* |
₹ 5,27,760 | 4%* |
The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.
*^*Above illustration considering Male | Standard Life | Premium Amount ₹834 | Premium Payment mode - monthly mode | Age 18 years | Sum assured is 10 times of Annualized premium. | Policy term 20 years| Premium payment term 10 years| Sum Assured on Death (at inception of the Policy) ₹ 1,00,080 | Premium shown above is exclusive of any extra Premium, rider Premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any | Assuming the policy holder survived till end of policy term.
`` Rahul, a 30-year-old engineer has a 5-year-old son. Rahul aspires to plan for his child’s higher education. He purchases Bajaj Life Guaranteed Wealth Goal on his life with a Policy Term of 15 years and pays 1,00,000 p.a. for 12 years with an aim of creating a corpus after few years. Age at entry of the Life Assured (years) Sum Assured Multiple 0 to 50 7 / 11 / 15 / 20 51 to 60 5 / 11 / 15 / 20. In the above illustration, Rahul is the Proposer and Life Assured.
^*^Get ₹ 1 lakh sum assured starting Rs. 646 monthly
Healthy male, age 18 years
Premium excl. tax. This is for PPT: 7 & PT: 15.
1 lakh sum assured is the guaranteed maturity benefit at the end of 15 years after paying all the premiums for 7 years.
1 lakh death benefit if the customer dies during the policy tenure while the policy is in active status.
