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Insurance

Life Insurance

Best Life Insurance Plans

Plan today for the uncertainties of tomorrow

You've worked hard to build a life you enjoy with the people you love, now it's time to protect it all. You won't have to wonder how much or what type of life insurance you need, we make it easy.

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Questions? You’re covered.

Life Insurance is a contract between a insurance policy holder and a life insurance company. Where the insurer promises to pay a designated beneficiary a sum of money (sum assured) in exchange for a premium, upon the death of an insured person  or maturity of the policy (depending on the policy contract) .Other events such as terminal illness or critical illness can also trigger payment.

The life cover you need depends on your standard of living, income, spending habits, or the goal for which you want to save (i.e. your child’s education or marriage) etc. As the life cover amount acts as a financial security for your family/beneficiaries in your absence, it becomes even more important for you to take an appropriate amount of life cover also taking your current financial liabilities (loans etc.) into consideration.

In addition to giving you and your family a financial protection, buying a life insurance policy offers many other benefits such as - 

  1. Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.
  2. Through a Life Insurance policy, you can claim a tax benefit under section 80C of the Income Tax Act 1961, up to Rs. 1,50,000.
     
  3. The maturity benefits from a life insurance policy are tax-free subject to conditions as per section 10(10D) of the Income Tax Act.
     
  4. You can invest in a policy that offers you a loan against your amount invested if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.
  5. You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.
     
  6. You can add various additional benefits/riders like Accidental Death Benefit, Critical Illness Benefit etc. for a more comprehensive coverage. Accidental Death Benefit provides your beneficiaries an additional accident sum assured in case of death due to accident. Critical Illness Benefit provides critical illness sum assured to provide you some financial assistance in case you are diagnosed with any of the covered critical illnesses. You can also claim a tax benefit up to Rs. 25,000 as specified in section 80D of the Income Tax Act 1961 for the premium paid for critical illness benefit.
     
  7. You can also invest in policies in the name of your spouse and children and claim tax benefit, under section 80C of the Income Tax Act 1961, on those policies as well.

Summary table of benefits

Here is a summary table for you to understand the main differences between the different types of life insurance plans easily-
Type of life insuranceDeath benefitMaturity benefitTerm of CoverTax savingPrimary purpose
Term LifeYesNoFixed

Yes, Premium paid is tax-free till Rs 1.5 lakhs p.a. U/S 80C and Death Benefit is tax-free in the hands of the nominee

Protect family against the loss of income so that living expenses can be taken care of after your death

Endowment planYesYesFixed

Yes, Premium paid is tax-free till Rs 1.5 lakhs p.a. U/S 80C Death Benefit is tax-free in the hands of the nominee Maturity benefit is tax-free U/S 10(10)D

Create a saving corpus

ULIPYesYes, market linkedFixed

Yes, Premium paid is tax free till Rs 1.5 lakhs p.a. U/S 80C Death Benefit is tax-free in the hands of the nominee Maturity benefit is tax-free U/S 10(10)D

Create a saving corpus while investing in capital markets

Child PlanYesYesFixed

Yes, Premium paid is tax free till Rs 1.5 lakhs p.a. U/S 80C Death Benefit is tax-free in the hands of the nominee Maturity benefit is tax-free U/S 10(10)D

Cover child’s education or major expenses

Pension PlanYesYesFixed

Yes, Premium paid is tax free till Rs 1.5 lakhs p.a. U/S 80C Annuity is taxable in the hands of the annuitant but 1/3rd of the corpus can be withdrawn tax-free at the time of vesting U/S 10(10)A.

Saving for regular income post retirement

Whole life planYesYesUntil death (up to 100 years)

Yes, Premium paid is tax free till Rs 1.5 lakhs p.a. U/S 80C Death Benefit is tax-free in the hands of the nominee Maturity benefit is tax-free U/S 10(10)D

Create a legacy benefit for heirs

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