Life Insurance Plans

Term life insurance:

Term life insurance offers coverage for a fixed duration, usually 10 to 30 years. It pays a death benefit to the nominee if the policyholder dies during the policy term. This is the most affordable form of life insurance and is ideal for individuals looking for high coverage at low premiums to secure their family's future.
 

Whole life insurance:

Whole life insurance provides coverage for the entire lifetime of the policyholder. It also includes a savings component known as cash value that grows over time. The policyholder can borrow against this value if needed. This plan is beneficial for long-term financial planning and creating a guaranteed inheritance for dependents.
 

Universal life insurance:

Universal life insurance is a flexible policy that allows policyholders to adjust premium payments and death benefits. It also builds cash value, which earns interest over time. This policy suits individuals seeking lifelong protection with the flexibility to modify coverage as their financial goals or life situations change.
 

Variable life insurance:

Variable life insurance combines life cover with investment options. The policyholder can invest premiums in equity, debt, or balanced funds. The cash value and death benefit can vary based on market performance. It suits those who want both insurance protection and the opportunity to grow wealth through market-linked returns.
 

Endowment plans:

Endowment plans offer dual benefits—life cover and savings. They pay a lump sum either on the policyholder’s death or at the end of the policy term. These plans are suitable for individuals looking to accumulate wealth while ensuring financial protection for their family, especially for future goals like education or marriage.
 

Non-linked participating endowment plans:

These plans are traditional policies not linked to the market. They offer guaranteed returns and bonuses based on the insurer’s performance. Apart from the sum assured, policyholders may receive reversionary and terminal bonuses. These are best for conservative investors who prefer steady savings growth and life protection without market risks.
 

ULIPs (Unit Linked Insurance Plans):

ULIPs combine insurance and investment. A part of the premium provides life cover, while the rest is invested in equity, debt, or hybrid funds. Returns are market-linked. ULIPs are ideal for goal-based planning like wealth creation, education, or retirement. They offer transparency, fund-switching options, and long-term tax benefits (now) under the Income Tax Act 2025, earlier it offered tax benefits under Section 80C.
 

Retirement plans:

Retirement plans or pension plans help individuals build a financial corpus for their post-retirement years. They offer life cover and regular income in the form of annuities or lump sum payouts. These plans are essential for maintaining financial independence in old age and ensuring that retirement years are stress-free and secure.
 

Child plans:

Child insurance plans combine savings and protection to secure a child’s future. They offer payouts for education or milestones even if the parent (policyholder) is no longer around. In case of the policyholder’s death, future premiums are waived, and the plan continues. Ideal for planning a child's education and career goals.

Each type of life insurance policy caters to specific needs, allowing individuals to choose a plan that aligns with their financial goals.


Life insurance explained: How it works with a real-life example

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.

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:

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.
 

Key life insurance benefits young professionals should have

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.
 

• Lower premiums:
  Buying life insurance early helps you lock in lower premiums for the entire policy term. Since insurers assess lower health risks at a younger age, life insurance becomes more affordable and cost-efficient in the long run.
• Financial discipline:
  Life insurance encourages structured financial planning. Regular premium payments build consistent saving habits and improve money management skills, helping young professionals stay committed to long-term financial goals.
• Safeguards against debt:
  When you’re building your career, loans and liabilities are common. Buying life insurance ensures that outstanding debts such as education or home loans don’t become a burden on your family.
• Family security:
  Even early in your career, your family may depend on you. Life insurance provides financial stability to parents, spouse, or dependents, ensuring their lifestyle and essential needs remain protected.
• Wealth building:
  Certain life insurance plans combine protection with savings or investment benefits. Over time, they support wealth creation while offering coverage, helping you achieve milestones like property purchase or business expansion.
• Tax savings:
  Buying life insurance can also help optimise tax planning. Premiums and payouts may qualify for tax benefits under applicable laws, making life insurance a practical financial tool.

Insurance for high-risk jobs, disabled individuals & special groups

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:

• High-risk job professionals:
  Workers in hazardous industries like construction, firefighting, aviation, military, armed forces, and mining face higher risks daily. Specialised life insurance policies provide financial security for their families in case of workplace accidents or fatalities.
• Disabled individuals:
  People with disabilities may have limited access to traditional insurance plans. However, customised life insurance policies offer financial protection, covering medical expenses, future caregiving costs, and ensuring long-term security.
• Senior citizens:
  Elderly individuals can opt for life insurance policies that help cover medical expenses, funeral costs, and estate planning, ensuring financial relief for their heirs.
• Individuals with pre-existing conditions:
  Those with health conditions like diabetes or heart disease can choose specific life insurance plans that provide coverage despite medical risks, ensuring their families are financially protected.
• Smokers and drinkers:
  Insurance providers consider smokers and drinkers as high-risk individuals due to potential health complications. Premiums for life insurance policies are generally higher, but specialised plans cater to their needs, ensuring financial security with adequate coverage and benefits.

Factors that affect life insurance premium

Several important factors influence the premium you pay for life insurance—understanding these can help you plan and save better.
 

• Age:
  Age is a key determinant. Premiums tend to increase as you get older since mortality risk rises with age. Younger individuals typically pay lower premiums.
• Health:
  Your health status significantly influences premiums. Better health usually means lower insurance premiums. However, pre-existing medical conditions or unhealthy habits can raise these costs.
• Coverage amount:
  The amount of coverage you choose directly affects premiums. Higher coverage means higher premiums because it represents a greater financial risk for the insurer.
• Policy type:
  The type of policy you select, such as term life or whole life, impacts premiums. Permanent policies like whole life usually have higher premiums than term policies.
• Lifestyle:
  Risky behaviours, like smoking or dangerous hobbies, can raise insurance premiums. This is because these activities have a higher risk of death.
• Gender:
  Insurance premiums may vary based on gender, as statistical data shows differences in life expectancy. Women generally pay lower premiums than men due to a higher average lifespan and lower health risks.
• Occupation:
  High-risk professions, such as firefighters, pilots, or miners, attract higher premiums due to increased chances of accidents or health hazards. Safer desk jobs, on the other hand, result in lower premium rates.
  These factors collectively determine your life insurance premium, emphasizing the importance of considering them when purchasing coverage tailored to your financial needs and circumstances.
  
  

How to select a life insurance plan?

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.
 

• Define your life goals before you start: Start by identifying why you need a life insurance plan. Whether it’s income replacement, children’s education, retirement planning, or loan protection, clear goals help you choose suitable coverage and features.
• Estimate the ideal coverage amount: Calculate your financial obligations, including loans, daily expenses, future goals, and inflation. The right life insurance plan should offer sufficient coverage to protect your family’s lifestyle and responsibilities.
• Learn about various life insurance options: Understand different types such as term, endowment, whole life, or ULIPs. Comparing these options helps you select a life insurance plan that matches your risk appetite and financial strategy.
• Compare premiums, benefits, and features: Don’t focus only on premium costs. Evaluate coverage benefits, exclusions, riders, flexibility, and payout options to ensure your life insurance plan provides value beyond affordability.
• Select the appropriate policy duration: Choose a policy term that covers your working years or financial liabilities. An ideal life insurance plan should protect your family until major responsibilities, like loans or education expenses, are fulfilled.
• Check the claim settlement ratio (CSR): Check the insurer’s claim settlement ratio to understand their reliability. A higher CSR indicates better chances of smooth claim processing under your chosen life insurance plan.
  
  

  Solvency ratio: A life insurance company with a strong solvency ratio has sufficient financial resources to meet future claim obligations. Choosing an insurer with a healthy solvency ratio can give you greater confidence in its long-term financial strength and reliability.

• Check the financial stability of the insurer: Review the insurer’s financial strength and market reputation. A financially stable company ensures your life insurance plan remains secure and dependable for the long term.
• Add riders that suit your requirements: Enhance your life insurance plan with riders like critical illness, accidental death, or waiver of premium. These add-ons provide broader protection based on your personal and financial risks.
• Provide accurate and complete personal information: Always disclose correct details about health, income, and lifestyle. Transparency ensures your life insurance plan remains valid and prevents complications during claim settlement.
• Go through the policy terms thoroughly: Read the policy document carefully. Understand exclusions, waiting periods, premium terms, and claim conditions before finalising your life insurance plan.
• Purchase early and review periodically: Buying a life insurance plan early locks in lower premiums. Review your policy regularly to adjust coverage according to life changes like marriage, children, or new financial goals.
• Consider customer reviews: Check customer feedback and service ratings. Real experiences provide insights into the insurer’s support quality, responsiveness, and overall reliability of the life insurance plan.
   

What are the important documents to buy a life insurance policy?

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:

• Step 1: Click here to visit our online application form.
• Step 2: Enter the required details – name, mobile number, email ID, DOB, and gender. Click on ‘Proceed’ button.
• Step 3: Share a few more details related to your lifestyle, occupation, education, income, and PIN code. Click on ‘View Plans’ button.
• Step 4: You will see the plans available. Click on ‘Buy Now’ on the plan and our representative will call you back. They will explain the products available. This will help you make an informed decision.

• Life cover amount: Higher coverage means higher financial risk for the insurer, which increases premiums. Choosing an adequate but realistic life cover amount ensures balanced protection without overpaying for your policy.
• Age: Premiums are lower when you buy life insurance at a younger age. As age increases, health risks rise, leading to higher premium costs.
• Gender: Statistically, life expectancy differs between genders. In many cases, women may receive slightly lower premiums due to longer average life expectancy.
• Policy term: Longer policy durations generally result in higher premiums since coverage extends over more years, increasing the insurer’s risk exposure.
• Premium paying term: If you choose a shorter premium paying term, instalments may be higher. Spreading payments over a longer duration can reduce individual premium amounts.
• Lifestyle: Habits such as smoking, alcohol consumption, or high-risk hobbies can increase premiums because they raise health and mortality risks.
• Medical history: Pre-existing illnesses or family medical history influence premium calculations. Healthier individuals usually qualify for more affordable rates.
• Occupation: High-risk professions, such as mining or aviation-related jobs, may attract higher premiums due to increased exposure to occupational hazards.Top of Form
   

Key benefits of buying a life insurance online vs. offline

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:

Life insurance for different age groups

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.

Choosing the right life insurance policy at each stage of life ensures financial stability and long-term security for individuals and their families.

What are the investment plans in life insurance?

Following are some of the types of investment and insurance plans you can consider investing:

• Term insurance plans:
  Pure risk cover plans offer a death benefit to the beneficiary if the policyholder dies during the policy term. These plans are affordable and offer high coverage.
• Endowment plans:
  Combine insurance and savings, providing a lump sum on maturity or death. These plans are ideal for long-term financial goals and disciplined savings.
• Unit Linked Insurance Plans (ULIPs):
  Offer both investment and insurance benefits. A part of the premium is invested in equities, debts, or a mix, while the rest covers life insurance. ULIPs are suitable for those looking for market-linked returns.
• Money-back plans:
  Provide periodic payouts during the policy term, along with the sum assured on maturity or death. These plans cater to those needing regular liquidity.
• Whole life insurance plans:
  Offer coverage for the policyholder's entire life, with a savings component that builds cash value over time. These plans are beneficial for long-term wealth creation and estate planning.
  
  

How to compare life insurance plans in India 2026?

Following are some tips for comparing life insurance plans in India:

• Coverage amount:
  Compare the sum assured offered by different plans to ensure adequate financial protection for your family.
• Premium costs:
  Evaluate the premium amounts and payment frequencies (annual, semi-annual, quarterly) to find a plan that fits your budget.
• Policy term:
  Consider the duration of coverage and choose a term that aligns with your financial goals and responsibilities.
• Riders and add-ons:
  Assess additional benefits like critical illness, accidental death, and disability riders to enhance your policy’s coverage.
• Claim settlement ratio:
  Check the insurer’s claim settlement ratio to gauge their reliability in settling claims promptly and efficiently.
• Maturity benefits:
  For plans with savings components, compare the maturity benefits and returns offered.
• Customer reviews and ratings:
  Look into customer feedback and expert ratings to understand the insurer's service quality and overall reputation.
• Flexibility and features:
  Evaluate the flexibility in policy terms, premium payment options, and features like policy loans and partial withdrawals.
  
  

Comparison between different types of life insurance

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:

Which life insurance plans come with high returns?

Following are the options of life insurance plans that come with high returns:

• Unit Linked Insurance Plans (ULIPs):
  ULIPs combine insurance and investment. They let policyholders invest in equity, debt, or balanced funds. The chance for high returns depends on market performance. This makes ULIPs good for people who can take more risks.
• Endowment plans:
  These plans offer a combination of insurance coverage and savings. They give a one-time payment at maturity or death. This includes guaranteed and bonus returns. This makes them a stable investment choice with good returns.
• Money-back plans:
  Money-back plans give regular payouts during the policy term. They also provide a lump sum when the policy matures. These regular returns and maturity benefits can lead to a higher overall return. This is especially true if the insurer offers bonuses.
• Participating whole life insurance plans:
  These plans offer coverage for the policyholder's entire life and include a savings component. The insurer declares annual bonuses, which can significantly enhance the policy's returns over time.
  
  

How much life insurance coverage do you need?

You must consider the following factors when deciding about coverage on life insurance policy:

• Income replacement:
  The most suitable life insurance coverage is often 10-15 times your annual income. This ensures your family can maintain their standard of living and meet daily expenses.
• Debt and liabilities:
  Include any outstanding debts such as home loans, car loans, and credit card balances. The coverage should be sufficient to pay off these liabilities.
• Future expenses:
  Factor in significant future expenses like children's education and marriage. Adequate coverage should ensure these goals are met without financial strain.
• Living expenses:
  Consider ongoing living expenses for your dependents, including household costs, healthcare, and utilities. The coverage should provide a steady income to support these needs.
• Existing assets and savings:
  Assess your current assets and savings. Subtract these from the required coverage amount to avoid over-insuring.
• Inflation adjustment:
  Ensure the coverage amount accounts for inflation, as costs of living and expenses will rise over time.

Regularly review your life insurance plans to ensure you have the most suitable life insurance coverage that adapts to your changing financial situation.

Tip: Always consider lifestyle, loans, and future goals when deciding your life insurance coverage—it’s not one-size-fits-all!

What are the dos and don'ts of life insurance policies?

When considering life insurance plans, it is essential to be aware of the dos and don’ts to make informed decisions.

Following these dos and don’ts ensures you select and maintain life insurance plans that provide comprehensive financial security for your loved ones.

Key reasons women should invest in a life insurance plan

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:

• Financial independence:
  A life insurance policy provides women with financial stability, ensuring they have funds to cover expenses, debts, or emergencies, regardless of life circumstances.
• Security for dependents:
  Whether as a mother, spouse, or caregiver, women can secure their children's education, household expenses, and dependent family members' financial well-being through life insurance.
• Lower premiums:
  Women often receive lower life insurance premiums due to higher life expectancy, making it more affordable to secure long-term financial protection.
• Wealth creation and savings:
  Savings plans like ULIPs and endowment policies help women build savings while ensuring financial protection, allowing them to achieve future financial goals.
• Coverage for critical illnesses:
  Women-specific insurance policies offer coverage for critical illnesses like breast cancer, cervical cancer, and heart diseases, reducing the financial burden of medical treatments.
• Retirement planning:
  Life insurance helps women build a secure retirement corpus, ensuring financial independence and stability in their later years.
  
  

What are the payout options available in life insurance?

Life insurance plans offer various payout options to suit different financial needs and preferences of policyholders and beneficiaries.

• Lump sum payment:
  This is the most common payout option where the entire sum assured is paid to the beneficiary in one go. It provides immediate financial support for expenses like debts, funeral costs, and ongoing living expenses.
• Periodic payments:
  Also known as annuity or income replacement plans, this option provides the sum assured in regular installments (monthly, quarterly, or annually). It ensures a steady income stream for dependents, helping them manage day-to-day expenses.
• Combination of lump sum and periodic payments:
  Some life insurance plans offer a mix of lump sum and periodic payments. A portion of the sum assured is paid immediately, and the remaining amount is distributed as regular income. This option provides immediate financial relief and long-term income stability.
• Payout with return of premium:
  Certain plans return the premiums paid if the policyholder outlives the policy term. It is an added benefit, ensuring that the premiums contribute to future financial goals.

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.

What is the claim process for life insurance?

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.

In case of death:

Here is the step-by-step guide to raising a death claim:

• Notify the insurer:
  The beneficiary should inform the insurance company about the policyholder’s death as soon as possible, providing details like the policy number and cause of death.
• Submit required documents:
  Key documents include the death certificate, the policy document, a completed claim form, and any other documents requested by the insurer (e.g., medical records, identity proof).
• Claim assessment:
  The insurer reviews the submitted documents and may conduct further investigations if necessary.
• Payout:
  Upon approval, the sum assured is disbursed to the beneficiary, ensuring financial support during a difficult time.
• At policy maturity:
  Here is how you can raise a life insurance claim at policy maturity:
• Maturity notification:
  The insurer informs the policyholder about the upcoming maturity and the necessary steps to claim the maturity benefit.
• Submit required documents:
  These include the original policy document, a completed discharge form, and identity proof.
• Payout:
  Once verified, the insurer disburses the maturity amount, which can be used for planned financial goals or retirement.

Understanding the claim process for life insurance plans ensures timely and hassle-free access to benefits when needed.

What are the documents required for a life insurance claim?

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:

• Duly filled claim form:
  A completed claim form provided by the insurance company to initiate the claim process.
• Original policy document:
  The life insurance policy document serves as proof of coverage and contract details.
• Death certificate:
  An official death certificate issued by the municipal authority to confirm the policyholder's demise.
  
  

Identity and address proof of the claimant:

Aadhaar card, PAN card, or passport to verify the beneficiary’s identity and address.

• Medical records (if applicable):
  Hospital reports, doctor's certificates, or post-mortem reports may be needed in case of medical-related claims.
  
  

Bank account details:

Cancelled cheque or bank statement to facilitate the direct transfer of the claim amount.

Police FIR and post-mortem report (in case of accidental death):

For accidental or unnatural deaths, an FIR and autopsy report are required for claim processing.

Which types of death are not covered in life insurance?

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.

• Suicide:
  Most life insurance plans exclude death by suicide within the first year or two of the policy. This clause is to prevent misuse of the policy.
• Self-inflicted injuries:
  Death from self-inflicted injuries is usually not covered. These cases are seen as preventable.
• Drug or alcohol abuse:
  If the policyholder dies from an overdose or problems from drug or alcohol abuse, the claim might be denied.
• Participation in hazardous activities:
  Death from dangerous activities, like extreme sports or adventure activities, may not be covered. This is true unless the policy specifically includes these riders.

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.

Why is life insurance a safe investment?

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.

Include life insurance plan riders for enhanced protection

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:

• Accidental death cover rider:
  Offers extra payout if death occurs due to an accident.
• Critical illness rider:
  Pays a lump sum on diagnosis of listed critical illnesses.
• Waiver of premium rider:
  Future premiums are waived off in case of disability or critical illness.
• Hospital cash rider:
  Provides daily hospital cash allowance during hospitalisation.
• Term rider:
  Increases the sum assured for a limited period at a lower cost.
• Income benefit rider:
  Ensures your family receives regular monthly income after your demise.
• Surgical care rider:
  Covers expenses incurred due to surgeries mentioned in the policy.
• Disability benefit rider:
  Offers financial support in case of partial or total disability.

Adding riders helps you get more from your life insurance cover by tailoring it to real-life situations and unexpected events.

Should you buy more than one life insurance policy?

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.

Key life moments when you should review your life insurance

Life changes—and so should your life insurance policy. Here are four moments when it’s wise to re-evaluate your cover:

After marriage:

You now have a spouse who may depend on your income.

When you have kids:

Add more coverage to secure their education and future.

If your income increases:

Upgrade your plan to match your growing responsibilities.

When nearing retirement:

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:

• Policyholder: The individual who purchases the life insurance policy and is responsible for paying the premiums to keep the policy active.

• Life assured: The person whose life is covered under the insurance policy. If this person passes away during the policy term, the insurer pays the death benefit.

• Nominee: The person chosen by the policyholder to receive the insurance payout in case of the policyholder’s demise.

• Sum assured: The guaranteed amount that the insurance company promises to pay to the nominee if the insured event occurs during the policy term.

• Premium: The amount paid by the policyholder to the insurance company at regular intervals (monthly, quarterly, or annually) to maintain the life insurance coverage.

• Policy term: The duration for which the life insurance policy remains active and provides coverage.

• Maturity benefit: The amount paid to the policyholder if they survive the policy term in certain types of life insurance plans.

• Death cover: The payout given to the nominee if the insured person passes away during the policy tenure.

• Riders: Additional optional benefits that can be added to a life insurance policy, such as accidental death cover or critical illness cover.

• Grace period: A short period allowed after the premium due date during which the policyholder can still make the payment without losing coverage.

• Insurer: An insurer is the life insurance company that issues your life insurance plan, collects premiums, and pays eligible claims or policy benefits according to the policy's terms and conditions.

• Life cover: Life cover is the amount your nominee receives if you pass away during the policy term. Choosing adequate life cover helps protect your family's financial future and ongoing expenses.

• Lapsed policy: A life insurance plan becomes a lapsed policy when premiums are not paid within the grace period. Once lapsed, the policy benefits may stop until the policy is revived.

• Revival period: The revival period is the time allowed to restore a lapsed life insurance policy by paying overdue premiums and completing the insurer's required formalities, subject to applicable terms.

• Policy tenure: Policy tenure is the duration for which your life insurance plan remains active. During this period, your life cover continues as long as premiums are paid according to the policy terms.