Family Life Insurance Plans
  • Protect your Family
  • Life Insurance for Family
  • Cover Two People in a policy
Family Life Insurance Plans
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Family Life Insurance Policy

Let's break the myth that one can add their whole family into a single life insurance plan.

It's not totally true; you can add your spouse, child, or business partner to a single life insurance plan with a joint life cover option. You have two options here: either each family member buys a separate policy or opts for a term insurance policy with a joint life cover option that only provides cover for two people in a single policy.

However, you can even customize your life insurance plan according to your family's needs. For instance, let's assume you need a lump sum payout for your kid's higher education. Hence, it would be best if you opt for a guaranteed life insurance plan like HDFC Life Sanchay Plus.

A family life insurance plan is also not restricted to a single life insurance product; you can select a type of product based on your future goals.

Which Life Insurance Plan is Best for Your Family?

Choosing a life insurance policy for your family can depend on a few factors, like the type of payout you want, future goals, number of family members, etc. There are many different life insurance products that one can choose from, discussed below are the most preferred ones:

Term Insurance Plans

Term insurance is a protection-oriented plan that offers life cover for a specified period. It covers the untimely death of a policyholder wherein the death benefit is paid out to the nominee. With joint life cover options, you can add two people in a single plan, like a spouse, child, or a business partner. It is a cost-effective way to secure your family in a single plan, and if one policyholder meets with an unfortunate death, the cover is paid to another holder.

Savings Plans

A savings plan offers the dual benefit of savings & protection in a single plan. It combines the benefits of long-term savings and a life cover to provide financial security to you and your family.

There are 4 types of saving plans-

  • Guaranteed Plans: It offers guaranteed returns, as mentioned in the bond paper, after the completion of the policy period.
  • Non-guaranteed Plans: Under this plan, you'll get a combination of guaranteed & non-guaranteed returns.
  • Participating Plans: It only offers a return on your investment of up to 4% to 8%.
  • Pension/Annuity Plans: Under this plan, you'll get a combination of guaranteed & non-guaranteed returns.

Child Insurance

Child Insurance is the best way to secure your child's financial future in the unfortunate event of the parent's demise. The funds can be used to assist children to pursue their higher education or pay towards life events like marriage, etc. Under this plan, parents can pay the regular premiums till the child turns 18, and once the child crosses the age of 18, you can either claim the entire corpus or opt for regular installment payments.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.


Though you can not add your entire family in one life insurance policy, you can buy a joint life policy where you can add your spouse, or one child or a business partner under one plan. Buying an accurate life insurance policy serves the purpose well for your family even if they cannot be added under the same plan. Buying a reliable, accurate term plan will make sure that its benefits reach them on time without any hindrances.

Family Life Insurance Plans: FAQ's

1. How to find the best life insurance for a family?

Choosing the best life insurance for your family may depend on a few factors, like the type of payout you want, future goals, number of family members, etc.

2. Do I need life insurance for my family?

Life insurance not only protects your family's financial future but also works as a saving tool for them to accomplish their long-term goals more strategically.

3. What are the types of saving plans?

There are 4 types of saving plans: Guaranteed Plans, Non-guaranteed Plans, Participating Plans, and Pension/Annuity plans.

4. Is everyone eligible for life insurance?

Anyone can buy a life insurance plan between the ages of 18 and 65 and an income.

5. At what age is it beneficial to get life insurance?

Typically, the best time to buy life insurance is when you are young. As early as 18 years.

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

What Our Customers Have to Say

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May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

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May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

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May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

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Armaan khan


May 17, 2024

I recently purchased a Pramerica term insurance policy from The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

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Rahul Yadav


May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

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Priyanshu Sharma


May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

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Yash Tomar


May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.

Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.