Life insurance plans
designed to safeguard your
family’s financial future.

Life Insurance is a contract between the insurance company and the insured that the insurance company will pay a lump sum amount to the beneficiary nominated upon the death of the insured, i.e., the policyholder in exchange to a premium paid. The premium is paid either on a monthly, quarterly, half-yearly, or yearly basis.
Life Insurance Policy is a legal contract. The terms of the contract explain describe the limitations to the insured events. These excluded events limit the liability of the insurer in respect of the claims. Claims relating to suicide, to quote an example, is one of the exclusions. Others are war, riots, and natural calamities.
Insurance policies in modern times have branched out their products to retirement plans, i.e., annuities.

Before deciding on the best Life Insurance plan, you should understand some basic steps that will lead you to make the right decision. Need-based policy: The policy should be need-based. It means you should assess the number of dependants in your family, the source of income, and the monthly commitments before you decide on the Life Insurance policy. You should also draw a list of goals that you have set for yourself like education of your children, marriage of your children, retirement plans, buying a dream house, etc., and plan the investment accordingly.
Seek the help of an advisor: There are insurance advisors who can help you with your decision. They will consider all the angles like the source of income, monthly expenditure as per your lifestyle, the number of dependents, your assets and liabilities, etc., and will arrive at a sum assured. They will be able to advise you on which plan to choose. They will help you choose the plan that would give you optimum returns for your investment. The plans could be a term plan, unit-linked plan, endowment plan, or a combination of the plans. So, it is necessary to seek the advice of these insurance advisors if you are confused about the best plan for you.
Compare products: There are a lot of players in the market giving various benefits with varied premium levels. Compare the products and choose the one that would give you optimum benefit for the least investment.

Life Insurance Companies in India
The following are the top Life Insurance Companies in India: Life Insurance Corporation of India
ICICI Prudential Life Insurance
SBI Life Insurance
Aditya Birla Life Insurance
Bajaj Allianz Life Insurance
Max Life Insurance
Reliance Life Insurance
HDFC Standard Life Insurance
Birla Sun Life Insurance

The maturity benefits of term insurance are not like a traditional Life Insurance plan where the sum assured is paid out along with accrued bonuses is paid on the maturity of the policy to the policyholder.
Term insurance has only a death benefit wherein the sum assured is paid to the nominee on the untimely death of the policyholder. If the policyholder desires maturity benefit, then they have to go for TROP plan, i.e., Term Return of Premium. Under this plan, if the policyholder lives beyond the period of the policy, the premiums paid on the policy will be returned. But even in this plan the maturity benefit, i.e., the sum assured will not be paid to the policyholder. Only the total premium paid during the term of the policy will be paid.

The payment of premium for Life Insurance can be made by the following ways:
By cheque or draft
Through NEFT/RTGS
Online through the official website of the Insurance company
Through the Bill Desk of the Insurance Company

You have to check for details of premiums to be paid, lock- in period, revival policy, premium default implications, charges to be paid, terms of the policy, and guaranteed benefits before purchasing an insurance policy.