Why it matters
Life insurance keeps your family's goals intact if you're not there: daily expenses, loans, children's education and long-term stability.
- Financial security for your family
- Income replacement
- Loan and liability protection
- Long-term savings
- Tax benefits under the Income Tax Act
- Peace of mind
Types of policies
01Term insurance
Pure life cover for a fixed period at an affordable premium.
- High cover, low premium
- No maturity benefit
- Ideal for income protection
02Endowment plans
Life cover plus savings, with a maturity benefit on survival.
- Insurance + savings
- Moderate risk
03Money-back plans
Periodic payouts during the term, plus life cover.
- Regular liquidity
- Suits planned expenses
04Whole life
Cover for your entire lifetime, usually to age 99 or 100.
- Lifelong protection
- Useful for estate planning
05ULIPs
Part of the premium buys cover, the rest is invested in equity or debt funds.
- Market-linked returns
- Flexible fund options
In unit-linked plans, the investment risk in the portfolio is borne by the policyholder.
06Child plans
Secure a child's education and future needs even if the parent is not around.
- Premium waiver benefit
- Goal-based
07Pension plans
Build a retirement corpus and receive regular income later.
- Retirement income
- Tax benefits
How much cover do you need?
It depends on your income, dependants, loans, future goals and lifestyle. As a general rule, cover should be 10–15 times your annual income.
Tax benefits
Tax benefits are as per prevailing tax laws and are subject to change. Deductions under 80C / 80D apply to the old tax regime.
Riders
Riders add protection to a base policy for a small extra premium.
Myths
Life insurance is first a tool for protecting against risk. It is not mainly an investment.
Before you buy
- Adequate sum assured
- Policy term and premium affordability
- Insurer's claim settlement ratio
- Type of policy matched to your goals
- Professional advice
Insurance is the subject matter of solicitation. For details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
In unit-linked plans, the investment risk in the portfolio is borne by the policyholder.
