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A life insurance policy is a contract between a policyholder and an insurance company. In a life insurance policy, the insurance company promises to pay a sum of money to the loved ones of the policyholder in case of death of the policyholder during a certain period. In return, the policyholder pays a small amount as premium to the insurance company.
In certain types of policies, the policyholder can also opt for critical illness benefits or choose additional protection to cover against an unfortunate event due to an accident. Read more about these features and types of life insurance policies below.
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Get daily cash benefits during hospital stays to manage additional expenses, making recovery easier and less stressful.
Life insurance is a legally binding contract between the insurer and the policyholder that offers financial security to the policyholder’s loved ones. The policyholder purchases the life insurance by paying a premium. In the event of the policyholder’s demise during the policy term, the insurer provides a predetermined death benefit to the nominee, often a loved one.
Life insurance in India is a vital financial tool to have for all age groups. A life insurance policy can provide your loved ones with financial support as well as offer you adequate returns that can be used to plan for various individual goals.
Here is how you can benefit from buying a life insurance policy:
Importance of buying life insurance for different age groups
| Age group | Importance of buying life insurance |
|---|---|
| 20 to 30 years | People between the ages of 20 and 30 years can use life insurance plans to secure their future financial goals, such as saving for a house purchase, retirement, and more. |
| 30 to 40 years | People between the ages of 30 and 40 years can use life insurance plans to secure their family members in their absence with adequate financial protection. Life insurance plans can also be used to plan for your child’s higher education and marriage expenses, and more. |
| 40 to 50 years | Individuals between the age of 40 and 50 years can buy a life insurance policy to plan for their retirement savings. |
| 50 years and above | Individuals aged 50 or above can purchase a life insurance policy to invest and ensure financial security for self and family. Life insurance can also offer them tax benefits and help them save more money. |
Apart from the age groups mentioned above, there are several other types of people who can benefit from a life insurance plan. These include the following:
The insured person is referred to as the life assured. In the unfortunate event of the life assured’s death, the nominee receives the insurance money.
The nominee or beneficiary refers to the person entitled to receive the death benefit in case of an unfortunate demise of the policyholder during the policy term. Policyholders can nominate their spouse, children, parents or other loved ones. All life insurance plans must have a nominee.
The insurer is the insurance provider who offers the life insurance plan and settles insurance claims.
The life cover+, also known as the sum assured or death benefit, is the amount that the insurer pays to the plan’s nominee in the event of the policyholder’s tragic demise.
The premium is the cost of life insurance paid by the policyholder to the insurer in exchange for financial protection during the policy term.
This is the duration for which the insurance company provides coverage. Policy tenure for a life insurance plan can range anywhere from 1 year to 99 years (whole life).
This is the money that the insurance company pays to the nominee in the unfortunate event of the life assured’s death.
This is the money that the policy holder gets on surviving the policy term. Although a term life insurance policy does not have any maturity benefits, other life insurance plans offer this feature.
A life insurance plan can get lapsed if the policy holder does not pay the premium on time. In such cases, the policy is referred to as a lapsed policy and the insurer reserves the right to terminate the contract if the policy holder does not pay the premium even during the grace period.
If the policy holder does not pay the premium, the insurance company offers an extension, also known as the grace period. This allows more time for the policy holder to make the payment.
If your life insurance policy gets lapsed due to non-payment of premium, you can revive it later by paying the premium and any added charges. This is known as the revival period.
Riders are add-ons that can be added to a policy at an extra cost. They are completely optional but can enhance the coverage of your plan.
The claim process refers to the steps involved in raising a claim request to the insurance company. It usually includes submitting the claim form, death certificate, FIR, identity proof, KYC information, and other necessary documents to the insurance company.
These are the list of things that are not covered under a life insurance plan in India. For instance, some insurers do not cover suicide within the first few years of the policy tenure.
A policy refers to the insurance contract between you and the insurance company. There can be different types of policies, such as a term insurance policy, an endowment policy, a unit-linked insurance policy, and more.
This is the amount of money that the insurance company promises to pay to the nominee in the unfortunate case of the demise of the policyholder during the policy term. The premium for a policy depends on the Sum Assured you choose.
This refers to the duration for which a life insurance policy remains active and covers the Life Assured.
Everyone’s financial needs are unique. A life insurance plan that is suitable for your peers may not be ideal for you. So, make sure to assess your individual needs and understand your investment purpose before you pick a life insurance plan. Do not pick a plan just because it is popular amongst your peers.
It is important to understand the various types of life insurance policies available in the market, so you can make the right choice. Go through the different varieties and see how they align with your needs and budget.
Life insurance plans are a long-term commitment. They are meant to secure your family at a time when you may not be around anymore. Hence, it is important to pick an insurance company that has a good reputation and is financially reliable.
This is the number of claims that an insurance company receives in a year versus the number of claims it settles in the same year. The higher the claim settlement ratio, the more reliable is the insurer, thus there is a lower chance of your claim getting rejected
The solvency ratio indicates the insurance company’s ability to meet its debt obligations. It gives you an insight into the insurer’s cash flow and financial health. Pick an insurer with a high solvency ratio to ensure financial security
Affordable premiums can help you save money. Look for a life insurance plan that offers cost-effective insurance premiums
Positive customer feedback can help you gauge the insurance company’s performance and willingness to assist its customers. You can look for customer reviews online or refer to friends and colleagues for recommendations when purchasing a life insurance policy
Before you buy a life insurance cover, make a note of your goals. Every person has different life goals. While you may want a life insurance plan that would protect your family, someone else may be looking for a plan to invest in for their retirement. So, assess your goals and then pick a plan that offers the most benefits according to your goals.
Your age and health can play a crucial role when you intend to buy a life insurance policy. The cover and premium are largely dependent on these two factors. The younger you are, the easier it is to buy life insurance as you would be relatively healthier. You can also get a low premium at a young age. Hence, it may be recommended to buy a life insurance policy as early as possible.
The responsibility to pay back your debt and other liabilities may fall on your loved ones when you are no longer around. If you have any pending loan repayments or credit card dues, you must take them into account when deciding on the life cover amount. Picking a sufficient sum assured is vital, so your family can repay your dues without any hassles and continue to live a dignified life.
Life insurance policies can offer a regular source of income to your nominee. This money can act as a substitute for your income and help them cover day-to-day expenses as well as any unexpected emergencies. Life insurance plans can offer a regular stream of income to the families of both self-employed and salaried individuals.
It is important to take an estimate of your remaining working years. This will give you an idea of how much to invest. This can also help with deciding the adequate sum assured for your family’s requirements. Moreover, if you are investing in life insurance retirement plans, you can make suitable investment decisions based on your preferred retirement age.
Life is full of uncertainties, but with the right insurance policy, you can face them with confidence. Here’s why having an insurance policy is essential:
Life is full of surprises, and while some bring joy, others can test your resilience. By taking insurance today, you’re not just investing in a policy—you’re investing in peace of mind and the well-being of those who matter most to you. With the right insurance plan
At Policy Eswara, our mission is to safeguard your future and ensure the well-being of your loved ones. With us, you’re not just purchasing insurance you’re making a meaningful investment in your family’s security and peace of mind.
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