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What is Life Insurance ?

Life Insurance is a contract between the insurance company and the person who is insured. The contract states that the company has to pay a lump sum amount to the nominee which is selected by the insured person when any kind of mishap takes place with the insured. The policy is a protection for the family or the loved ones who are dependent on you for financial needs after you are no more. The insured has to pay a small amount for the specified amount of time and then the company pays a lump sum amount to the family of the insured person if the mishap takes place.


Types of Life Insurance

Term Plan

Term Insurance

Term Insurance is the most affordable form of Life Insurance Plan. It provides you high risk cover by paying out lesser premium.

Whole Life Plan

Whole Life insurance

This plan covers you for Life and thus you pay the regular premium until you die. Your nominee gets the full sum assured at the event of your death.

 Endowment Plan

Endowment Plan

Unlike Term Plan, endowment plan pays you out sum assured along with the profits in both the cases- death and survival.

Child Plan

Child Plans

Provides financial coverage to your child's future needs and allows you to plan his/her future in a better way and stabilize way.


Retirement Plan

Retirement plans

This plan assists you in securing your post retirement life financially. Choose from multiple options.

Investment Plan

Investment plans

This plan helps you in enhancing your wealth, savings and get an insurance coverage as well.

Unit-Linked Plan

Unit-Linked Plan

This Plan provides you both investments as well as insurance. The performance of this plan is linked with the market.

moneyback

Money back Plan

This is a variant of endowment Plan. A portion of sum assured is paid out at regular intervals.

Why is Life Insurance required?

There are ample of reasons for which Life Insurance can turn out to be helpful for your loved ones. It is basically a financial security for your family and loved ones who are dependent you. The loss of your demise could not be filled but these monetary terms will help them to survive. These plans are unit-linked plans can be taken for insurance as well as the investment purpose. You can choose the distribution of the amount in the financial market. These policies even allow you to raise a loan on their basis. A tax deduction of premium paid is offered by the policy and even tax-free sum is assured under section 80 and 10 (10) D of the Income Tax respectively. You get ample of options like death benefits under the plan, finance for child education, and regular income under the pension plan and investment under unit- linked plan etc.

Different types of Life Insurance

Term Insurance

The most affordable form of Life Insurance is Term Insurance. The high-risk cover is there with lesser premium in this plan.

Whole Life Insurance

This policy is the one in which you keep paying regular payments until you are alive. After the death of the insured, the nominee gets the full lump sum amount stated by the policyholder.

Endowment Plan

Unlike term plan, you get the sum assured plus the profits either you survive or you die. Under both cases, you will get the amount.

Child Plans

This plan is the most suitable one. Under this plan, you can fulfil your child's future plans. This can help your child to get a stabilised life ahead.

Retirement plan

There are multiple options available under this plan. If you take retirement policy if will benefit you after retirement as financial assistance will be there to you.

Investment plans

This plan provides you to get insurance coverage and helps you to enhance your wealth and savings.

Unit- Linked Plan

This plan provides a combination of insurance as well as investment. This plan depends upon the performance of the market.

Money back plan

This plan is a modification of endowment plan. The portion of the sum which is assured is paid out at regular intervals.

Guidelines to choose the Best Life Insurance Policy

  • Buy in time: It is important to buy the policy early as it will protect you from the risk and will help in building a good corpus at lower premium rates.
  • Do comparison: To save money and get the best one, compare different policies and then choose.
  • Analyse the policy: Analyse the different policies and then select the right one according to your needs.
  • What amount to buy: Analyse your present and future needs and this will definitely help you to know that how much cover you need to buy.

Life Insurance Companies in India

In India, there are presently 24 companies which give life insurance plans. Out of the whole lot, the only company which provides under the public sector is LIC of India. The rest of the companies are either the private ones or JVs between national and international insurance/finance companies and private or public sector banks/financial institutions. The private life insurance companies were given the access to this in the year 2000. Most of the private companies have combined with international insurance players to bring up their companies. The average claim settlement is 97 percent by the life insurance companies.

Best Life Insurance Plans in India

Life Insurance Plans Entry Age (Min/Max) Policy Term(Min/Max) Sum Assured(Min/Max)
SBI Shubh Nivesh Plan 18/60 years 5/30 years 75000/NA
SBI eShield Plan 18/70 years 5/30 years 20 Lacs/NA
HDFC Click2protect Plus 18/65 years 10/30 years 10 Lacs/10 Crores
HDFC Life Sanchay 30/45 years 15/25 years 105673/NA
HDFC SL Crest 14/55 years 10/10 years (7 or 10)x annual premium/20x annual premium
ICICI Pru iProtect 20/75 years 10/30 years 3 Lacs/NA
Kotak Life Preferred e-Term 18/70 years 10/45 years 25 Lacs/ NA
LIC Amulya Jeevan 18/60 years 5/35 years 25 Lacs/ NA
LIC New Jeevan Anand 18/50 years 15/50 years 1 Lac/NA
LIC Term Plan 18/75 years 10/35 years 50 Lacs/NA
Max Life Online Term Plan 18/70 years 10/35 years 25 Lacs/ 100 Crore
Bharti Axa Life Insurance 18/75 years 10/30 years 25 Lacs/NA
Bajaj Allianz Life Insurance 18/70 years 10/30 years 20Lacs/NA
Aviva Life Insurance 18/55 years 10/35 years 25 Lacs/NA
Aegon Life Insurance 18/70 years 5/40 years 10 Lacs/NA

Difference between Term Life Insurance and Whole Life Insurance

  • Premiums: Talking about the premium in the term life insurance it is to be paid for specific period whereas for whole life insurance the payment is to be done for whole life.
  • Maturity age: Most of the term plan covers till the age of 65 to 75 years whereas for whole life insurance the policyholder is covered for the entire life.
  • Cash value: There are no cash values in term plan whereas for the whole life plans cash value is there. Guaranteed and Non-guaranteed cash value which is called as dividend value is given.
  • Policy term: The tenure of the term policy varies from five to thirty years whereas for the whole life plan the policy is valid for the lifetime.
  • Paid up value: If the policyholder wants to surrender the policy there is no paid up value or any other feature offered by the term plan whereas whole life insurance can be paid up after a specified number of years.
  • Lapse: The term policy lapses after thirty-one days of a missed premium payment. In the case of whole life policy if the policyholder fails to make payment then a cash value is allowed to offset the premiums.

Life insurance can serve as Health Insurance (if the death of the person takes place)

Nowadays there is nothing permanent in this roller coaster life. Everything is uncertain in this race of survival. Life can turn tragic any moment and one should be well prepared to face all the consequences. It is good to stay emotionally, socially and mentally secured but being in this practical world financial security is also equally important. No needs can be fulfilled without money and when the bread owner dies the problem becomes grave. With the increasing number of accidents and other health related issue life is at risk.

Even more, the medical expenses are way too much. So it's better to get life insurance as when you may face some event in life which may cause the death of policyholder at least the expenses which are incurred by the family are covered under it. When the policyholder faces an accident or any other kind of illness the expenses at one time are a lot which may affect your family's pocket. What more, it may cost lakhs for the treatment and still, the person is unable to survive. In that case, the bill can be cleared with the life insurance amount. It can be a great support to the family.

Health insurance is also required to face the illness as they can cover the expenses of treatment but life insurance covers everything. Though premium is paid after certain time intervals these can actually help in the longer run.

What Policyx.com offers you?

Policyx offers you a host of companies to choose your life insurance from. It guarantees that you get the lowest premium rates from among the list of top life insurance companies. It also ensures that you get the kind of features and coverage that you are looking for from a plan.

Whatís more, we have a dedicated customer care centre that caters to your queries and makes sure that your queries donít go unanswered.

And buying with us is all so simple. Just visit the life insurance section, fill some basic details in the form provided and voila, you get the plans and their premiums in front of you in a matter of seconds. You can further check the details through our innovative and helpful cash flow charts and info graphics that we have specially created for your convenience.


Common Life Insurance Terms

Premium

This is the amount paid to the insurance company to get the life cover. The premium you have to pay depends on the policy. It can be yearly or in one go even.

The insurer and Insured

The one who is the policyholder is the insured and the company which does the policy is the insurer.

Sum assured

It is the amount which the company is ready to pay along with the bonus. Being specific it is the amount which your nominee will get.

Bonus

This is an additional amount which is given along the submitted amount by the company to the nominee of the policyholder.

Maturity Value

The amount which the life insurance company pays on maturity is known as the maturity value. It is sum assured plus the bonus.

Surrender Value

If in between the policy you decide to discontinue, you can take the money which is due to you, the life insurer pays the amount which is called the surrender value.

Paid-up value

If you do not withdraw the money from the insurance company but you stop paying premiums, then the policy you own earns paid-up value. Depending on the number of premiums you have paid the company will reduce the sum assured considerably and pay the rest amount.

Survival Benefit

This is a fixed particular amount paid up by the company to the policyholder after a specific period.

Annuity

It is the regular payment which the insurance company agrees to pay after you cross a certain age. For example, if you cross 55, then the life insurance will pay you monthly or quarterly the amount which is decided. Thus this payment is called annuity.

Thus to secure the future of your whole family including yours, life insurance is the best means which will help you to stay out of financial crisis in case of any issue or mishap. So get the best policy which suits your needs and fits your pocket.


Information About Life Insurance Companies In India

Life insurance in India is dominated by LIC (the largest public sector company in India) with a market share of 72.7% in FY13. Total premium in FY13 for the industry stood at INR 287,202 Cr (Close to USD 48 Billion). LIC is the only public sector life insurance company and has been able to dominate the market even after IRDA allowed private companies to enter the market in 2001. There are about 23 private companies. Life insurance was primarily sold through agents, however with increasing number of online products coupled with Internet penetration, online purchase is on the rise. Most companies have launched online plans including LIC, which recently launched an E-Term plan.


Public Life Insurance Companies (Premium)


LIC is the only public company offering life insurance plans in India.


Private Life Insurance Companies (Premium)

Following chart provides market size in terms of premium for all private companies offering life insurance plans in India. Click on the logo to know more about the company and its product offerings.


FAQ's - Life Insurance

1 Why buy a Life Insurance Policy?

Life Insurance Policy is the best means to fulfil the goal which has been set by you. In the case of any tragedy to the policyholder, life insurance serves as the best way to help the families. Even the needs of the children are secure as the policy can help when the main bread owner dies. These policies protect you from taxes which are a great benefit. Premiums which are paid get a tax deduction. The policy can be taken for a special motive like the wedding of children or their education. Even the retirement life can be secured by taking the policy. Thus taking life insurance policy is beneficial.

2 When to buy Life Insurance Policy?

The very moment when you feel that your family or loved ones are dependent on you for their needs without even thinking for a minute you should buy the policy. As there is no age limit so it's better to get it the moment you think the requirement arises.

3 How much life insurance you require?

The policy you require depends on the needs. To the more when you are young needs are limited but as you grow you have more responsibly and more people attached to you. So you should choose the best one keeping in mind your future needs.

4 What are the immediate financial expenses which your family may require immediately after your death?

When a person dies the family is in a state of grief and it takes months to come out from this shock. It is disheartening as you have lost your loved one but there are expenses such as for cremation and then other ceremonies which are to be done. Taking a life insurance which covers all aspects will provide you with money to fulfil the immediate expenses which will be there after death.

5 How to know your present expenses to get the best life insurance plan?

Before buying a life insurance policy think about the liabilities which are there. From the loans of the banks to the credit card bills keep everything in mind. If your family is living in a rented accommodation think about the rent that the policy should be able to give till your children grow up and earn. Groceries, school fees, other expenses of families, taxes etc, keeping in mind all these then only select a policy.

6 How to know future expenses to get the best life insurance plan?

Future expenses basically help you to get a vision of your needs in future. From settling the children, health issues to the retirement living, you need to think about all the expenses to get the best life insurance plan.

7 How long will your dependents need support in case of your sudden demise?

This is a critical question as you never know when you are going to leave for your heavenly abode. Before buying a policy think about the support your family may require. Maybe you leave the world early and your children are small. So, till the time they grow up and settle the policy should be such that it supports them. Even till your wife starts working or arranges some other income source policy should be there to help them. Thus this all depends upon what your family plans for their future and then only you can take a policy.

8 How to buy the best life insurance policy in India?

The simple way to choose a policy is to do it when you are young, thus you could increase coverage the amount. Research about your needs and then imply on the tools which life insurance policy providers gave you. Taking a note on them, choose the best policy.

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