A contract between the insurance policy holder and the insurance company where the insurer commits to pay the amount of money on the death of the insured person or in lieu of a premium after a specified period. Here in ICICI Prudential life Insurance You pay premium for a specific term and in turn we provide you life cover. This life cover secures the future of your loved ones by paying a lump sum in case of an unfortunate event. In some policies, you are paid an amount called maturity benefit at the end of the policy term.


It is a great tool that will help your family in fulfilling their critical needs and lead a comfortable life even when you are not around. This is because the insurer will pay the pre-determined amount to the beneficiary of your policy after your death. This can also be given if you are bedridden with a serious illness. Life insurance is therefore the most essential insurance policy that can be in your savings and investment portfolio.

Family’s Financial Requirements

If you are the only person in your family who is earning, then the family income will stop when you are not. The standards of living will fall and they are not able to meet basic necessities like education. Life insurance policy will come to the aid of your family during such phases of life.

Loans and Expenses Repayment

You may have taken a loan with your spouse. Or you may have borrowed money from a friend to start a business. Also you may start your family right now and your child is still very small. In all these cases, it is your spouse who will incur a huge burden of repaying the loan and managing the education of your child. Big expenses can help the spouse by buying a life insurance policy early in life.

Diverse Investment Options

Life insurance policy can be used as a good investment option. There are different types of insurance policies and you can use them for various purposes. For instance, retirement plans, child insurance plans, whole life insurance plans, term life insurance plans, etc. are all good life insurance policies. Term plan is an exceptional case, which is not an investment component, but also all good investment options.

Illnesses and Accidents

Such insurance always act as a good protection tool against the financial pressures that you will face during a serious illness or accident. The best treatment will be taken from the best hospitals without worrying about the financial burden and all insurance policies should be purchased when you are young and free from illnesses.

Tax Benefits

Life insurance policies are also a good way to save tax. Under section 80C of the IT Act, several insurance schemes in India, including life insurance schemes, offer tax deduction on premium payments.


1. Term Insurance Plans –

Term insurance provides a type of life insurance, time or coverage for a certain period of years. If the benefit of death (or sum assured) is paid during the insurance policy period. No payment is made if the insured is given a term.

2. Endowment Policy –

An endowment policy is a life insurance agreement designed to pay a specific term (at its maturity) or a one-time payment after death. Typical maturities are ten, fifteen or twenty years to a certain age limit. Some policies also pay in case of critical illness.

3. Unit Linked Insurance Plans(ULIP) –

A unit linked insurance plan (ULIP) is a product offered by insurance companies, which, unlike a purely insurance policy, provides both insurance and investment to investors under a single integrated scheme.

4. Money Back Policy –

In the money back plan, the insured gets a percentage of the sum insured at regular intervals instead of getting a lump sum amount at the end of the term. This is the endowment plan with the benefit of liquidity.

5. Whole Life Policy –

Entire life insurance, or entire life insurance (in Commonwealth of Nations), which is never “Straight Life ” Or “Normal life ” Is called “a life insurance policy.” It is guaranteed to remain applicable for the entire lifetime of the insured, provided that the required premiums are paid, or on the maturity date.

6. Annuity/Pension Plans –

A pension scheme is a retirement amount, which a person gets from his insurance companies on a regular basis or as a lump sum. There are various types of schemes available in the country by different companies… You can say the profit amount as either annuity or pension.



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1. LIC (Life Insurance Corporation of India)

LIC, or Life Insurance Corporation of India, as it is known in its extended form, is India’s only life insurance provider from the public sector. After the commencement of operations in 1956, LIC is the oldest life insurance company in the country, with more than 245 Provident Society and insurance companies being amalgamated. The company’s headquarters is located in Mumbai, and it currently boasts more than 110 divisional offices, in addition to 8 zonal offices, over 14 lakh insurance agents, and more than 2000 branches.

LIC provides a pull from life insurance plan to invest for savings products. This is one of the few companies that are currently booming in both rural and urban areas in the country.

2. SBI Life Insurance

As far as the finance sector is concerned, SBI life insurance was registered in 2001 and operations were started as a joint venture between BNP Paribas Cardiff and State Bank of India. BNP Paribas has 26% stock in the company in Cardiff, while SBI has another 74%.

SBI is one of the largest product portfolios in the industry, offering solutions for a variety of situations. The unit-linked insurance plans provided by the company SBI Life – Wealth Insurance, SBI life – Smart Wealth Assurance, SBI Life – Smart Scholar, SBI Life – Smart Power Insurance, SBI life – Smart Wealth Builder, SBI life – Saral Maha Anand And SBI Life – Smart Elite. Two child insurance plans that can be purchased from the company include SBI life-smart Champ Insurance and SBI life-smart Scholar. …

3. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company was created as a joint venture between Prudential PLC, one of the largest global financial services group in the UK, and ICICI Bank, which is among the largest and most successful private banking institutions. India. ICICI Bank has a share of 74% in ICICI Prudential life Insurance Company while Prudential Plc has 26% stake.

The company remains recognized by the national insurer financial strength rating AAA from Fitch Ratings to India’s primary private life insurer. ICICI Prudential was also voted to distribute quality products and services for three years as the country’s most trusted private life insurer.

4. HDFC Standard Life Insurance

HDFC Standard Life Insurance Company is one of the best life insurance providers in India. It is a private institution that provides long term insurance solutions to customers in about 1000 cities across the country. The company was registered in 2000 and is headquartered in Mumbai and currently boasts about 14,000 employees in addition to 400 branches to ensure it meets all insurance requirements of its customers. The main products proposed by the company include investment, savings, pensions and health, besides other specially designed solutions for women and children.

In addition to all its achievements, HDFC Standard Life insurance company stands to become a pioneer in the finance sector to provide pension plans to customers under the new regulations of IrDA. The company offers protection plans, health plans, retirement plans, young star plans, savings and investment plans and women’s plans.

5. Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance Company was formed as a joint venture between Allianz SE of Germany and Bajaj Finserv of India. The company was registered in 2001 by the name of Bajaj Allianz Life Insurance Company and has become one of the best and most trusted life insurance companies in the country. The company also offers many general insurance products as well as other financial services in 70 countries around the world. The company’s performance in recent years is truly exceptional and ‘s “The best life insurance company in the private sector at the BFSI awards ceremony in receipt 2015 Just confirmed that.

The child plans offered by Bajaj Allianz Life Insurance Co. have a traditional savings plan – Bajaj Allianz Youth Assurance and Bajaj Allianz Life Assurance, while the investment plans provided to customers include savings plans – save insurance, Savings plan – Guarantee Assurance And investment assurance scheme.

6. Max Life Insurance

Max Life Insurance Company has developed a reputation for providing comprehensive retirement and life insurance solutions for security and long-term savings to over 30 million individuals across the country. Max Life Insurance Co. has won many accolades over the years to show for its quality products and services, much to the most prominent Asia banking financial services and insurance excellence in “Best Underwriting Initiative of the year ” “Being the prize in 2015.

The company boasts of a relatively large product portfolio. In term life insurance plans offered by Max Life Insurance company Max Life Online term plan basic life cover, Max Life online term plan life cover + monthly income, Max Life online term plan life cover + rising monthly income, Max Life Super term plan, Max Jeevan Plate To protect the EME II and Max Life Premium refund protection scheme. The unit-linked insurance plans offered by the company include regular premium plans, Ma life Fast track Super plans and Max Life Maxis Super plans.

7. Birla Sun Life Insurance

Term life policies offered by Birla Sun Life Insurance Co. Ltd. protects Birla Sun Life Insurance Protector Plan Plus, Birla Sun Life Insurance Future guard plan, Birla Sun Life insurance eg protect plan and Birla Sun Life Insurance @ Ease Is included. Savings with security plans you can buy from the company Birla Sun Life Insurance Vision money back plus plan, Birla Sun Life Insurance Vision Life Income plan, Birla Sun Life Insurance Vision Endowment Plan, Birla Sun Life Insurance Savings Plan, Birla Sun Life Insurance Vision Guaranteed Life Secure Plan, Birla Sun Life Insurance Vision Income assured plan, Birla Sun Life Insurance Vision Regular return plan, Birla Sun Life Insurance Vision Endowment plus plan and Birla Sun Life Insurance Future plan.

The only solution for the future of children introduced by Birla Sun Life Insurance Company Limited is Birla Sun Life Insurance Vision Star plan. However, there are options to buy retirement solutions, including Birla Sun Life Insurance, strong pension plans, Birla Sun Life Insurance Instant annuity plan and Birla Sun Life insurance Strong pension.

8. Kotak Life Insurance

One of the largest life insurance providers in India is a joint venture between Kotak Mahindra Life insurance company Old Mutual fund and Kotak Mahindra Bank Ltd. Old Mutual fund has 26% stake in the company while Kotak Mahindra Bank Ltd. Rest 74%. The company’s headquarters is located in Mumbai and the company has grown exceptionally well since the start of operations in 2001. You know India is the fastest growing insurance provider and currently boasts more than 4 million customers. The company’s clam settlement ratio, highlighting the company’s quality business practice, ranks among the highest in the industry.

Kotak Mahindra Life Insurance Company has an impressive insurance product portfolio. Term life insurance plans that can be purchased from the company include Kotak preferred e-term plan, Kotak preferred term plan, Kotak saral Suraksha and Kotak term plan. The unit-linked insurance plans offered by the company include Kotak assured income plan, Kotak Single Invest advantage, Kotak Platinum, Kotak Wealth Insurance, Kotak Ace Investment Plan and Kotak Inwest maxima.

9. Reliance Life Insurance

It is now one of the most important subsidiaries of Reliance Capital, which ranks among the best financial service companies in the country. The company has a diversified business portfolio, and customers can find all kinds of products across a variety of categories including insurance, mutual funds and asset management.

The company has also employed more than 1 million consultants, and has gained a reputation as the largest non-bank-backed private life insurance company. Reliance Life Insurance Company Limited also has a larger insurance portfolio. Whether you are looking for protection plans, health plans, child plans, retirement plans, savings and investment plans, group plans or unit-linked life insurance policies, the company has all this.

10. IndiaFirst Life Insurance

If we talk about India’s youngest life insurance companies, this is IndiaFirst life insurance. With its headquarters in Mumbai, IndiaFirst life has spread to 1,000 cities in India. It is a joint venture between the legal and General group with Andhra Bank and 26% stake with a 30% stake, with a 44% stake between Bank of Baroda. Legal and social groups are the UK’s leading risk, wealth and investment brand. The company boasts immense experience in banking, wealth and financial management.

IndiaFirst Life has developed a range of products to cater to needs such as savings, health, retirement, safety and employee obligation schemes. Integrated technology in procurement, pre-purchase, and post-purchase cycles bend out a seamless experience for your stakeholders. IndiaFirst life works on the principle of ‘ customer first ‘, which makes it a customer friendly insurance company. The products offered by this company are in accordance with the individual requirement and life goals of their customers. While in the individual product category, you can plan your protection, retirement, or even inheritance, in the Group product category, organizations can plan their protection and savings for their members.


Age Proof

Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Anyone)

Identity Proof

Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship

Address Proof

Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address

Income Proof

Income Proof specifying the income of the person buying the policy

Passport Size Photo

To have a record of the insured person’s identity for future references

Medical tests

Some plans may also require medical tests


Still confused about comparing life insurance online, then here are a few tips that will help you a lot in choosing the best and affordable one.

Lower Premium for beginners-

There is no doubt in saying that the premium of life insurance is calculated on a number of factors. The smaller you are, the lower the premium will be. At a young age you can buy a life insurance because it will help you to take advantage of a long-term, low-cost cover through which you can easily secure the future needs of your loved ones and many other things.

Calculate Your Requirements-

This is a very important step, before buying life insurance you must first understand your needs of having it. Consider all your needs of the present and future with financial obligations, do not forget to add your family’s requirements. Choose a plan that can easily go well with your needs.


Are you buying a term plan anyway? Forget about the price rise. It is obvious that a cover of Rs. 50 lakh looks enough today, but whether it will meet the future needs or 20 years later. When deciding the amount of a life insurance plan, be sure to consider inflation like how the prices will change and may affect future needs.

Buy online-

Online life insurance is affordable and convenient as well. Buying online you are cutting off middlemen who are agents. Online life insurance is easily accessible. It will also help you to save your hard earned money and time.


The information regarding the claim should be sent to the insurance company at the earliest when the insured dies. The Nomini and the beneficiary can do the same. Claim information should have details about the date of death, location and reason. The claim information should contain information such as date, location and cause of death.

  • Claim form
  • Death certificate
  • Policy document
  • Deeds of assignments
  • Legal proof of title if the plan is not assigned
  • Form of discharge

Further, a certificate of medical attendant, police investigation report, post mortem report, employer’s certificate etc. To get the best life insurance company, you can compare life insurance online, which is a good claim ratio.


LegalRaasta allows you to compare the best deals on insurance and you choose by yourself which will help you save more money. Health plans are the best ways to protect yourself and your family from unwanted medical costs. Buying health insurance plans provide risk coverage against expenditures due to any unforeseen emergencies.

LegalRaasta helps you compare and choose the best health insurance plan for you. The level of coverage mostly depends on the type of life insurance policy. A lot of companies now offer life insurance in India and, therefore, as a consumer, you have many options from leading brands. You should choose the best deal to take advantage of our comparison services. Some brands offering life insurance plans include MC Bupa, Bharti-Axa, Tata AIG, Apollo Munich, star Health, etc.


Do’s Don’ts
Think through why you are buying insurance and what core requirements and expectations Do not leave any column blank in the proposal form
Seek and receive advice and options patiently Do not let anyone else fill it up
Fill the proposal form very carefully and personally Do not conceal or misstate any facts as this could lead to disputes at the time of a claim
Keep a copy of the completed proposal form you sign and any declarations and terms agreed upon mutually for your records Do not miss or delay your premium payment


Life insurance policies are meant to provide financial sustenance in the event of death, primarily. However, most policies offer additional coverage for disability, accident and various illnesses. Riders usually come at an additional cost although some policies do offer them as part of the primary plan.

Yes, premiums paid are deductible U/S 80C, U/S 80CCC, U/S 80D, U/S 80DD and death benefits are tax exempt U/S 10(10D). This is subject to prevalent provisions of the Income Tax Act, 1961.

Yes, these days almost all insurance providers offer online purchase of life insurance. There are various no. of financial services providers offer this option through their websites, where you can compare and choose from a number of providers. The fact that people are increasingly turning to online purchases of life insurance policies signifies how secure the process is. Online purchases offer policyholders of comfort and convenience and in many cases the policies are cheaper since there are no sales agents involved.

Depending on the type of policy chosen, premiums can be paid either in a lump sum or in regular instalments.

Bonuses are offered under participating life policies i.e. policyholders can participate in the profits of the policyholder’s fund. A reversionary bonus is declared as a percentage which applies to the chosen sum assured. Reversionary bonuses can be simple or compounded bonuses. One-off reversionary bonuses are those that are paid out of one-time profits that may not occur again. A terminal bonus is the residual bonus declared on maturity or the policy i.e. if after declaration of all reversionary bonuses, there are still profits accrued to the fund, it may be paid out to the policyholder in the form of a terminal bonus.

Premiums are the amounts paid by the policyholder to the insurance company in order to keep the policy in force.

Under certain plans, insurance companies give policyholders a share in profits. This amount is called a bonus and accrues to the policyholder at no extra cost. It is awarded at certain times during the policy period. Bonus amounts are decided by the company and are paid out in addition to the chosen sum assured. Certain plans guarantee bonus payments.

Riders are specific to certain situations or events whereby the insurer pays the policyholder a certain amount of money when such event occurs. E.g. critical illness or disability rider. They are an additional benefit to a standard policy for higher premiums.

As per IRDA regulations, if a policyholder does not wish to continue his/her policy they can discontinue the same within the first 15 days of buying it and get a refund.

If a policyholder wishes to cancel his/her policy, once in effect, they can surrender it to the insurer and receive the surrender value as a refund. The surrender value is calculated based on premiums paid and how long the policy was in effect. Surrender is usually allowed after a certain period of time.

If, for example, a policy is used to raise a loan, the policy is ‘assigned’ or transferred to the lender. The policy then bears the lender or the ‘assignee’s’ name. Once the loan is repaid the policy can be reassigned or transferred back.

When purchasing a life insurance policy, the most important thing to check is whether or not guaranteed returns will be provided by the plan. You must also keep an eye on the lock-in period, information regarding premium payments, the implications of defaulting on premium payments, the revival conditions, the fees that would be charged for cancelling or surrendering the policy, the availability of a loan facility, etc. Go through the terms and conditions of the policy you wish to purchase and make sure that it meets all your requirements for an affordable cost.

Proposals are key components on insurance and policies are underwritten based on the disclosures made in them. It is essential that you provide only correct disclosures and statements to the insurance company or you will be at risk of rejection of claims.

In case of your unfortunate and untimely demise during the policy term, your nominees will have to furnish such basic documents as the policy bond, the claim form, and the death certificate of the late policyholder. There may be instances wherein the insurance company may also request you to furnish other documents like a post mortem report, a police inquest report, an employer’s certificate, a hospital certificate, a medical attendant’s certificate, etc. The policy bond usually contains all the information associated with the claims process.

Representatives of specific life insurance companies and have the authority to offer advice on any product that is sold by that particular insurance company. All agents who deal with the sale of life insurance policies are registered with the IRDA. All agents also have a basic requirement to pass an examination before undertaking to sell insurance policies. In case you are purchasing an insurance policy through your agent, make sure that you request for his / her authorisation card attained from IRDA.

A non-participating insurance policy is one that does not allow the insured individual to share in the profits made by the company, while a participating policy ensures that an insured individual has the right to share in the profits of the company. However, the dividends or bonuses declared by the insurance company may increase or decline based on the life funds’ investments returns.

The mortality or risk class of an applicant will be calculated based on an underwriting procedure through which the insurance provider can determine whether or not the applicant is a risk worth taking. The risk of death is calculated based on many different factors like the age of the applicant, the sex, medical and personal history, occupation, habits, etc. The decision of the life insurance company to insure the life of an applicant will depend on the details you have mentioned in the application form. Make sure that all the information you enter therein is accurate as inaccurate information has the potential to cause problems at the time of making claims.

Insurance companies provide something called a grace period to customers who are unable to make premium payments on the due date. The period usually spans for 15 to 30 days, and customers who default on their premium payments are expected to pay during this period. Failure to do so will mean that your life insurance policy has lapsed. As a result, you can either reinstate or revive the policy within a predetermined period of time.

Cancellation of policies during the free-look period can be done free of cost. However, in case you wish to cancel your life insurance policy after the free-look period, you will be charged a small fee for the same.

When a life insurance plan has been active for a specified number of years (usually at least five), the policy acquires a cash value. Every life insurance policy has a savings portion called the cash value. The cash value of a life insurance policy adds up when the worth of premium payments made by the policyholder exceeds the cost of insurance. This excess amount is transferred to a cash value account where it accrues interest. In case you choose to surrender the policy, the company will offer you the cash value or surrender value of the policy. However, please note that surrendering an insurance policy prior to the end of the maturity period will make you incur a significant loss.