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Life Insurance

Steps to buy

Important documents to buy a life insurance policy

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Identify proof

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Address proof

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Age proof

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Medical history/ diagnosis reports

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Passport sized photographs

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Bank statements

Types of Life Insurance Policies

Types of Life Insurance Policies Coverage
Term life insurance policy Pure Risk Cover
Endowment life insurance policy Insurance Cover + Saving
Non-Linked Participating Endowment Plan Insurance cover
Unit Linked Insurance Plans (ULIP) Insurance Cover + Market-linked Investment Benefits
Non-participating Non-linked endowment plan Fixed Insurance Cover
Retirement Plan Insurance Cover + Saving
Child Plan Insurance Cover + Investment Benefits

Who can purchase a Life Insurance Policy?

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.
A part 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:
  • Smokers: Smokers can be prone to health issues. Buying a buy life insurance policy can ensure sufficient financial protection for their loved ones. However, smokers must inform the insurer of their lifestyle habits before purchasing a plan.
  • Disabled individuals: Disabled individuals can also benefit from a life insurance plan. However, they need to undergo some medical tests before buying a suitable insurance plan.
  • People with pre-existing medical conditions: Individuals with pre-existing medical concerns can enjoy financial security with life insurance. However, it is vital to share the details of such medical conditions with the insurer.

Which is the right Life Insurance policy for you?

Well, different types of policies suit different types of people. Someone who is willing to take some risk and knows a little about investments may go in for a ULIP. Someone who only wants the protection aspect of life insurance may prefer a term insurance policy.

CRITICAL ILLNESS BENEFIT*^

This feature pays you a certain sum of money on the diagnosis of a critical illness like heart attacks and cancer. With providers such as ICICI Prudential, a defined amount is paid regardless of your actual medical expenses. This saves you the hassle of showing bills and getting reimbursed, as with medical

Accidental Death Benefit+*

Accidents are all too common in India with our unruly traffic and tough driving conditions. This feature pays your family an additional amount if your death is due to an accident.

STEADY INCOME AFTER DEATH

Many families have a tough time managing monthly expenses after death. Hence, companies like ICICI Prudential Life Insurance give you the option of giving your family a steady income after your death rather than a lump sum which they may have difficulty managing.

Important life insurance terms you should know

Life Assured

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.

Death Benefit

This is the money that the insurance company pays to the nominee in the unfortunate event of the life assured’s death.

Lapsed Policy

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.

Revival Period

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.

Claim Process

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.

Policy

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.

Life Insurance Coverage Period

This refers to the duration for which a life insurance policy remains active and covers the Life Assured.

Policy Tenure

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).

Maturity Benefit

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.

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.

Riders

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.

Exclusions

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.

How to pick the right life insurance plan for your family ?

While picking out the right life insurance plan for your family, make sure to pay attention to the following aspects:

  • Claim settlement ratio 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
  • Solvency ratio 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
  • Premium Affordable premiums can help you save money. Look for a life insurance plan that offers cost-effective insurance premiums
  • Claim Settlement Process Pick an insurance company with a simple claim settlement process. This will ensure that you and your family members do not face any hassles at the time of claim settlement
  • Customer Feedback A 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

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