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What is Life Insurance in Simple Words?

Life insurance is a legally binding agreement between an individual who holds a policy and an insurance company, wherein the insurance company pledges to provide a predetermined amount of money to the designated beneficiary upon the death of the insured individual or after a specified period has elapsed. This guarantee is made in consideration of the regular payments, known as premiums, made by the policyholder.

Life insurance policies require payment of premiums for a fixed term, in exchange for a comprehensive life cover. This cover ensures the financial security of your loved ones by providing a lump sum death benefit in case of an unfortunate event. Additionally, some policies offer a maturity benefit at the end of the policy term.

One of the major hurdles to the widespread adoption of life insurance is the lack of awareness among people. The availability of different types of insurance products can also be confusing for some individuals, but it is important to note that most life insurance policies function similarly. Understanding the basic principles and benefits of life insurance can help individuals make informed decisions about their financial security.

Types of Life Insurance

  1. Term Insurance

    It is a cost-effective policy that offers a fixed amount of coverage for a specific duration. It requires the policyholder to pay a premium, but they won’t need to make any additional payments during the term. Moreover, most term insurance plans guarantee a minimum sum that will be paid out, even if no claims are made or covered events happen during the coverage period.
  2. Whole Life Insurance

    It provides coverage for the lifetime of the policyholder and guarantees a death benefit to be paid upon the policyholder’s death. It offers lifelong protection and has a savings element, making it suitable for long-term financial planning. Unlike term insurance plans that have coverage for a limited number of years and no cash savings component, whole life insurance provides both protection and savings benefits.
  3. Endowment Policy

    It is a type of life insurance that combines life coverage with savings. If the policyholder passes away during the policy term, the nominee receives the death benefit. If the policyholder survives, they receive the maturity benefit. Endowment plans offer disciplined savings and provide financial security for the family.
  4. Money-Back Policy

    It is a life insurance plan that provides financial cover and investment benefits. It allows policyholders to generate income at regular intervals during the policy tenure. In addition, it ensures financial security for loved ones in case of death or accidents, without any losses when no claims are made.
  5. Retirement Plan

    These types of plans are designed to secure financial stability after you stop working. By investing regularly throughout your career, you can create a reliable source of income during retirement. Additionally, these plans often provide death benefits to your beneficiaries if you pass away during the policy. Overall, a retirement plan offers a way to maintain your financial well-being after leaving the workforce.
  6. Unit Linked Insurance Plan

    These are versatile types of life insurance that offer both financial protection and investment opportunities. With ULIPs, individuals can tailor their investment portfolios to match their risk tolerance and financial goals, making them an attractive option for those seeking growth and security. It is important to note, however, that ULIPs carry inherent investment risks, as the value of investments can fluctuate. These plans comprise an insurance component and an investment component and the allocation of funds between the two is based on the policy terms and the individual’s preferences.
  7. Universal Life Insurance Plan

    It offers greater flexibility compared to a basic life insurance plan, allowing you to adjust the death benefit payout according to your medical condition and preferences. To increase your life coverage, a complete medical test is required to ensure your good health. Furthermore, you can also reduce the coverage by paying lower premiums without surrendering the entire policy, provided you pay a small amount as surrender charges.
  8. Group Insurance Plan

    It is a collective insurance plan that offers equal coverage to all members regardless of their individual characteristics. It eliminates the need for separate plans and is often provided by employers to their employees as part of their benefits. It not only covers the group members but also extends coverage to their spouses, children and dependent parents.
  9. Child Insurance Plan

    It is a crucial investment plan for parents to secure their child’s future financially. It ensures that even in the absence of the policyholder, the child’s needs such as education, marriage and other financial goals are taken care of. By investing in the best child insurance plans, parents can rest assured that their child’s future requirements will be met effectively
  10. Joint Term Life Insurance Policy (Survivorship Life Insurance)

    These types of policies are a popular choice among couples and business partners, providing coverage for both individuals in a single policy. However, they can also be taken by parents who want to financially protect their children in case of their own death. While the cost-effectiveness of a joint life insurance plan may seem appealing, there are important factors to consider before making a decision.

Life Insurance Process

While everyone’s situation varies, the following steps are typically part of the life insurance shopping and purchasing process -

 
 

 

 
 
Step 1

Choose a Policy Type

Do not allow the various types of life insurance policies to be confused. Essentially, there are two main types - permanent and term insurance. Conducting online research can help you gain a clearer understanding of which life insurance type suits you best. Afterwards, a knowledgeable agent or representative can provide further information on the specific products they can provide.

 
 

 

 
 
Step 2

Calculate Life Insurance Needs

If you were to pass away tomorrow, it is important to determine how much money your loved ones would require to cover their immediate financial responsibilities. Since your income would no longer be available, it is sensible to begin by replacing your annual earnings. For instance, if your current yearly income is 5,00,000 rupees, you can start with that amount. Then, factor in the length of time your family may need this income, add any outstanding debts and subtract any existing savings.

 
 

 

 
 
Step 3

Review Your Budget

Life insurance is a long-term commitment, so it is essential to make a well-informed decision. Take the time to understand which policy type is most suitable for you and assess the appropriate amount of coverage you need. It is also crucial to consider your budget and ensure that the insurance premiums align with your monthly expenses. Working with a qualified insurance agent can help you create a plan that balances both factors effectively.

 
 

 

 
 
Step 4

Get Quotes from Trusted Insurers

When looking for life insurance quotes, it is important to gather at least three quotes from well-known and trusted companies. Take the time to research online or schedule an appointment with an agent. Make sure to look into the company’s history and financial stability to make an informed decision.

 
 

 

 
 
Step 5

Have a List of Questions to Ask

Once you have collected several insurance quotes, you must inquire about the company’s premium billing options (monthly, quarterly or annually) and any available policy riders. Additionally, clarify who to contact for policy changes, updates, and billing inquiries to understand the insurance policy comprehensively.

 
 

 

 
 
Step 6

Get Ready for Your Medical Examination

To fulfil the requirements of most life insurance companies, a medical exam is necessary, involving a blood draw and urine sample (mostly). It is advisable to arrange for the examiner to visit your home, as people are more at ease in familiar surroundings. Follow all instructions provided for the exam, including fasting, staying hydrated and avoiding caffeine or intense physical activity.

Importance of Life Insurance

There are so many compelling reasons why having a life insurance policy is absolutely essential -

To Improve your Financial Security

Life insurance policies provide a safety net for unexpected life events. They offer maturity benefits that can support your post-retirement needs and provide financial security for your loved ones.

To Save for Retirement

Buying a life insurance plan without a retirement plan can be beneficial as it offers a protective cover at a lower premium cost when you are younger. By paying a nominal fee regularly, you can contribute to your retirement fund and keep your investment plan intact.

To Meet Educational Expenses

Investing in a life insurance policy in your twenties can be beneficial as the policy will likely mature around the time your child starts college. The maturity benefits received can assist with the high costs of higher education.

To Diversify your Investments

Life insurance policies are an excellent choice for those seeking low-risk investment options to balance their portfolio. By consistently paying premiums, you can ensure guaranteed returns on your investment, providing stability and security.

To Repay Pending Debts

Debts taken in the name of the insured continue to remain a financial responsibility after the policyholder’s death but the legal heirs may struggle to repay them without another source of income. In such situations, the maturity benefits from a life insurance policy can provide significant assistance.

To Receive Tax Benefits

Life insurance policies are an excellent tax-saving investment option, as the premiums paid can be deducted from your taxable income under Section 80C (up to 1.5 lakh rupees). Furthermore, the maturity or death benefits received under the policy are also tax-free as per section 10. This makes life insurance a lucrative option for both tax savings and financial security.

To Benefit from Add-On Riders

You can enhance your life insurance policy by adding riders for a nominal fee. These riders provide extra protection in events such as accidents, disabilities, critical illnesses, hospitalizations or surgeries. They serve as additional benefits that help individuals and their families deal with challenging situations.

To Replace Loss of Income

Life Insurance policies provide financial support to the family of the policyholder upon their death. The death benefits are usually given as a lump sum amount, which can help compensate for the loss of the primary source of income. By ensuring that your family is financially supported, especially if you are the main provider, a life insurance plan can safeguard their future.

Life Insurance Plan Comparison in India

Feature Term Insurance Whole Life Insurance Unit Linked Insurance Plan (ULIP) Endowment Plan Money Back Policy Child Plan Retirement Plan Group Insurance
Type of Cover Pure protection and pays out a sum assured in case of policyholder's death during the policy term. Provides lifetime coverage and pays a sum assured on death or policy maturity. Combination of investment and insurance. Offers market-linked returns and a death benefit. Life cover with a guaranteed maturity benefit. Life cover with guaranteed payouts at regular intervals along with a maturity benefit. Provides financial security for the child in case of parent's death. Provides income or lump sum after retirement. Life cover for a group of people, typically offered by employers.
Investment No Yes, premiums accumulate cash value. Yes, premiums are invested in market-linked funds. Yes, premiums accumulate cash value. Yes, a portion of premium goes towards a guaranteed bonus. May or may not have an investment component. Focuses on building a retirement corpus. No investment component.
Risk Low Low High (Market-linked) Low Low Low Low Low
Returns No returns Guaranteed returns + potential bonuses Market-linked returns Guaranteed returns + bonuses Guaranteed returns + bonuses Variable (if investment component exists) Depends on the chosen investment option. No returns.
Premiums Lowest Highest Variable Moderate Moderate Variable depending on the sum assured and benefits. May be partially paid by employer. Premiums are typically lower than individual plans.
Suitability Young individuals, those needing high coverage at low cost. Individuals seeking lifelong coverage and guaranteed savings. Investors seeking growth potential along with insurance. Individuals seeking guaranteed returns and a lump sum at maturity. Individuals seeking regular payouts and a maturity benefit. Parents looking to secure their child's future financially. Individuals planning for retirement. Employees seeking life cover at affordable rates.
Tax Benefits Premiums qualify for tax deduction under section 80C. Death benefit is tax-free. Premiums qualify for tax deduction under section 80C. Maturity benefit may be taxable. Premiums qualify for tax deduction under section 80C. Maturity benefit and withdrawals are taxed. Premiums qualify for tax deduction under section 80C. Maturity benefit is partially taxable. Premiums qualify for tax deduction under section 80C. Maturity benefit and guaranteed payouts are partially taxable. Premiums may qualify for tax deduction under section 80C. Maturity benefit may be taxable. Premiums may qualify for tax deduction under section 80C. Maturity benefit may be taxable. No tax benefits on premiums or claim amount.

Life Insurance Premium Calculator

Estimate your life insurance coverage with our calculator to ensure your family’s financial security in the event of your absence. Take the first step towards determining the amount of coverage you need now.

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Disclaimer

  1. Premium has been calculated for coverage till 60 years
  2. Eligibility depends on income, occupation and educational qualification

Features and Benefits of Life Insurance

Here are some of the key features of life insurance:

  • Life insurance serves as a vital means of financial security for the policyholder’s family if tragedy strikes. By providing a safety net in the event of the policyholder's untimely demise, it offers essential support to help loved ones overcome the loss of income and sustain a comfortable lifestyle.
  • The sum assured is a crucial aspect of life insurance, as it determines the amount that will be paid to your nominee in the event of your passing. It is important to carefully consider your financial obligations and future goals when deciding on the sum assured, as it should provide adequate financial support to your loved ones. Ultimately, selecting an appropriate sum assured is a key step in ensuring that your life insurance policy meets the needs of your beneficiaries.
  • The policy term is the length of time that an insurance policy provides coverage. It varies depending on the specific policy chosen by the insured individual and can range from a few years to several decades.
  • The premium is the fee paid to the insurance company for coverage. It can be paid monthly, quarterly, half-yearly or yearly.
  • Life insurance policies can provide investment benefits, like unit-linked insurance plans or ULIPs that enable long-term wealth creation.
  • The policyholder can choose a nominee to receive the death benefit if they pass away. Nominee details can be modified or updated as required.

Top Life Insurance Plans in India

Category Plan Name Provider Key Features Benefits
Term Insurance Life eShield SBI Life Pure term insurance (provides a death benefit only)
  • High coverage at affordable rates
  • Online purchase for convenience
  • Customizable benefits
HDFC Click 2 Protect Plus HDFC Life Comprehensive term plan with various riders
  • Flexible coverage options (death, disability, critical illness)
  • Affordable premiums
Bajaj Allianz eTouch Online Term Plan Bajaj Allianz Life 100% online purchase and claim process
  • Guaranteed annual payout for 15 years in case of death
  • Multiple premium payment options
LIC New Tech Term Plan LIC Traditional term insurance from a trusted provider
  • Option for level or increasing sum assured
  • Flexible premium payment terms
Max Life Smart Secure Plus Max Life
  • Extensive coverage against critical illnesses
  • Waiver of premium rider available
Financial protection for your family in case of death or critical illness
ICICI Prudential iProtect Smart ICICI Prudential Multiple policy terms and coverage options Affordable premiums with renewal discounts
Kotak e-Term Plan Kotak Mahindra Life 100% online purchase and claim settlement Accidental death benefit rider available
Birla Sun Life BSLI Protect@Ease Aditya Birla Sun Life Insurance Online term plan with waiver of premium rider Affordable rates and easy online purchase
PFR Life Suraksha Plus PFR Life Insurance Focuses on providing financial support for children's education in case of policyholder's demise Suitable for parents with young dependents
Whole Life Insurance Edelweiss Tokio Life Flexi-Savings Plan Edelweiss Tokio Life
  • Life coverage throughout the policyholder's life
  • Savings component with bonus additions
Customization options for premium payment and benefits
AVIVA Life iLiving Plan Aviva Life Insurance Lifetime coverage with maturity benefit Option to receive regular income payouts
Endowment Plan HDFC Life Endowment Plus HDFC Life Guaranteed maturity benefit along with death benefit Savings element with bonus additions
Unit Linked Plan (ULIP) Tata AIA Smart Invest Tata AIA Life Insurance Investment flexibility with multiple fund options Potential for wealth creation along with insurance coverage
Fidelity Freedom ULIP Fidelity Life Insurance Investment focus with potential for high returns Flexibility to switch between investment funds
Child Plans MetLife My Future Plan MetLife India Savings plan specifically designed for child's future needs Maturity benefit for child's education or wedding
Retirement Plans Exide Life Guaranteed Pension Plan Exide Life Insurance Regular guaranteed income payments after retirement Option to choose annuity payout type

Reasons to Invest in Life Insurance

Here are some of the reasons why you might consider investing in life insurance:

  • Financial Security for Loved Ones: It offers financial security for your loved ones by providing a death benefit that can be used to cover various expenses, such as mortgages, childcare or education costs. This ensures that your beneficiaries will have the financial means to continue with their lives and meet their needs, even in your absence
  • Income Replacement: It can provide income replacement for your family if you are the main earner. This ensures that they can continue to live at the same standard as before
  • Pay Off Debts: The death benefit from life insurance can provide financial relief by paying off any outstanding debts, such as credit cards or mortgages. This can help prevent your loved ones from shouldering a significant financial burden during a difficult time. Having life insurance in place can offer peace of mind knowing that financial obligations can be taken care of in the event of your passing
  • Tax Advantages: Premiums on life insurance policies can often be tax-deductible and the death benefit is usually received tax-free by beneficiaries, providing significant tax advantages. This can help individuals and families save on taxes while ensuring financial protection in the event of death. These tax benefits make life insurance an attractive investment option for many people
  • Savings and Investment Features: Whole life insurance policies offer a cash value component that increases over time, providing the opportunity to take out loans or make withdrawals. This feature allows policyholders to access funds if needed, offering a level of flexibility and financial security. With this option, individuals can utilize their life insurance policy as a source of savings and investment, providing a valuable financial tool for the future
  • Peace of Mind: Having the knowledge that your loved ones will be financially secure if something were to happen to you can bring a sense of peace and freedom. It allows you to fully immerse yourself in living your life without constant worry about the future
  • Planning for Retirement: Certain life insurance policies, such as universal life insurance, can provide an additional source of income during retirement by accruing cash value over time. This cash value can be accessed and used to supplement your retirement income when needed
  • Business Protection: Life insurance is essential for co-owners of a business as it provides protection by allowing for the buyout of a deceased partner’s share. This ensures that the business can sustain its operations and continue running smoothly
  • Fulfilling Long-Term Goals: The cash value buildup in life insurance policies can help in achieving long-term goals such as funding a child’s education or saving for a house
  • Customization: There are various types of life insurance policies available, allowing you to select the one that best suits your unique requirements and financial situation. With these options, you have the flexibility to customize your coverage based on your specific needs and budget
  • Affordability: Considering life insurance at a young age can result in lower premiums due to better health. Therefore, it is advisable to think about purchasing life insurance while you are young and healthy
  • Living Benefits: Certain life insurance policies have accelerated death benefits riders, which let you receive a portion of the death benefit while you are alive if you have a critical illness or chronic condition. These living benefits provide financial support during difficult times when medical expenses may be high. It is an additional feature that can give policyholders peace of mind and help alleviate the financial burden of a serious health issue
  • Charitable Giving: By choosing a charity as the beneficiary of your life insurance policy, you have the opportunity to make a lasting impact and contribute to a cause close to your heart. It allows you to leave a meaningful legacy and provide support to a charitable organization long after you are gone
  • Travel Coverage: Accidental death benefit riders are sometimes included in life insurance plans, offering extra coverage in the event of a death caused by an accident during travel
  • Mortgage Protection: Mortgage protection life insurance ensures that your mortgage will be cleared will be cleared in the event of your death, a comforting through for your family during a difficult time. By having this coverage, you can provide peace of mind for your loved ones, knowing that they won’t have to worry about mortgage payments after you are gone. This type of insurance can be a valuable financial safeguard for homeowners, offering protection and support when it is needed most
  • Final Expense Coverage: Having final expense coverage is essential as it ensures that your family will not have to bear the financial burden of funeral costs and medical bills after your passing. Even a small life insurance policy can greatly assist in covering these expenses, allowing your loved ones to focus on grieving and healing instead of worrying about money. It provides peace of mind and ensures that your final farewell is a dignified one, without placing an additional burden on your family during such a challenging period

Important Life Insurance Terminologies

Listed below are crucial life insurance terms accompanied by their explanations -

  1. Policyholder: The policyholder is the person who purchases a life insurance policy and pays its premiums. They may or may not be the person whose life is insured by the policy. The policyholder is responsible for keeping the policy in force by paying the required premiums
  2. Life Assured: The life assured refers to the individual who is insured and protected. In the event of their unfortunate death, the insurance coverage amount will be given to the nominee. Differentiating between the policyholder and the life assured is essential. For example, if a husband purchases an insurance policy for his wife, he is the policyholder while his wife is the life-assured
  3. Premium: The premium is the amount you need to pay to keep your life insurance policy active. If you are unable to pay the premium before its due date or within the grace period, your policy may lapse, leading to a loss of coverage. It is important to prioritize paying your premiums to maintain the benefits of your life insurance policy
  4. Sum Assured: The Sum Assured is an amount chosen by the policyholder at the time of purchasing the policy. It serves as a guaranteed amount that will be received by the nominee in the unfortunate event of the life assured's death during the policy tenure.
  5. Policy Tenure: The policy tenure refers to the length of time that the life insurance policy offers coverage, as well as the duration for which the policy is purchased. This period typically varies depending on the specific terms and conditions of the policy. It's important to consider the policy tenure when selecting a life insurance plan to ensure it aligns with your long-term needs and goals.
  6. Nominee: The nominee, also referred to as the beneficiary, is an individual chosen by the policyholder to receive the life insurance benefits in the event of an unexpected circumstance. It is important to designate the nominee at the time of purchasing the policy or add them at any point before the policy matures if not previously declared.
  7. Lapsed Policy: A policy can be terminated if the premium amount is not paid on time. This is called a lapsed policy, which occurs when the necessary premium remains unpaid even after the grace period. However, life insurance companies provide an opportunity to revive the lapsed policy within a designated revival period, allowing the policyholder to make outstanding premium payments.
  8. Grace Period: The grace period is an important feature in insurance policies, as it provides a bit of flexibility in payments. It's reassuring to know that even if you miss the due date, you still have a little extra time to make the payment and keep your coverage. This can be especially helpful during times when finances might be tight or when unexpected expenses come up. It's always a good idea to take advantage of the grace period if you need it - it can help prevent a lapse in coverage and provide peace of mind.
  9. Death Benefit: The death benefit refers to the payment made to the nominee if the insured person passes away during the policy term. It is important to understand that the death benefit is not the same as the sum assured. In fact, the death benefit can be equal to or even greater than the sum assured, as it may include additional benefits from riders.
  10. Maturity Benefit: The maturity benefit is the payment given to the policyholder once the policy duration is successfully completed.
  11. Exclusions: Exclusions in a life insurance policy refer to specific circumstances or events that are not covered. If a claim is made based on these exclusions, the insurance company is not obligated to provide any benefits. Therefore, it's important for policyholders to carefully review and understand the exclusions outlined in their life insurance policy.
  12. Revival Period: If you fail to pay the premium within the grace period, your policy will lapse. But, you can still choose to revive your lapsed policy if you want to continue it. To do so, you need to complete the re-activation process within a specific period of time, known as the revival period after the grace period ends.
  13. Claim process: When the policyholder passes away, the nominee needs to initiate the claim process to receive the death benefit. This involves submitting the required documents and forms to the insurance company. Once the claim is approved, the nominee will receive the sum assured as per the policy terms.
  14. Rider: Riders provide additional coverage and benefits to your plan. These optional additions can enhance your financial protection and provide security against accidental disability or death. They can be added as extra protection for you and your family.

Claim Process of Life Insurance Policies

There are 2 types of claim processes for life insurance policies - Death Claim and Maturity Claim. Let us find out about them.

  1. What is the Claim Process After a Life Insurance Policy Mature?

    Life insurance companies typically notify policyholders in advance when their life insurance policy is nearing maturity. This notification is usually sent at least 2 to 3 months before the maturity date. The communication includes important information such as the maturity amount payable to the policyholder. Additionally, an accompanying discharge voucher may be provided for ease of processing.

    To receive payment from the insurance company, the policyholder needs to sign and send back the discharge voucher along with the original policy bond, after getting the signature witnessed. If the policy is assigned to someone else, such as a housing loan company, only the assignee will receive the claim amount upon providing the discharge.

  2. What is the Claim Process After a Policyholder’s Death?

    When a person covered by a life insurance policy passes away, it is important to notify the insurance company promptly. The claim can be initiated by the assignee, nominee, close relative or the policy’s handling agent. Early submission of the claim intimation is crucial in such cases.

    The claim intimation should include key details such as the date, place and cause of death and it is the insurance agent’s responsibility to assist the family or assignee of the life assured with the necessary procedures for making a claim with the insurance company.

Documents Required During Death Claim Process

The insurance company will acknowledge the death claim notification and request specific documents including -

  • Completed Claim Form: Ensure that the form given by the insurance company is fully filled out.
  • Death Certificate: Submit the official death certificate as proof of the policyholder's passing.
  • Original Policy Agreement: Include the original insurance policy document.
  • Assignment Documents: If there have been any assignments or re-assignments of the policy, provide the related deeds.
  • Title Evidence: If the policy is neither assigned nor nominated, you'll need to submit evidence of the title.
  • Discharge Form: The discharge form must be properly executed and witnessed.

Factors Affecting Life Insurance Premiums

  • The correlation between age and life expectancy impacts life insurance quotas. Having a longer expected lifespan allows for more years to pay premiums, resulting in lower quotes.
  • The role of gender in life insurance is significant. Women generally pay lower premiums than men. This is due to statistical data that suggests women have a longer life expectancy and tend to have lower mortality rates compared to men. These factors contribute to the difference in pricing between genders in the life insurance market.
  • Your overall health, including past and present conditions like blood pressure, weight, cholesterol levels, sleep apnea and diseases, plays a crucial role.
  • Smoking and the use of nicotine products can lead to increased health risks, which results in higher insurance premiums for smokers and nicotine users. These individuals are more likely to experience health complications and therefore incur greater costs for the insurance companies, leading to higher premiums.
  • Your family’s medical history can have an impact on your life insurance rates. If your parents or siblings have certain medical consitions, it may affect how much you pay for coverage.
  • Your occupation and hobbies can significantly impact your insurance rates, especially if your job includes high risks or if you participate in activities that are considered high-risk, such as scuba diving or piloting planes.
  • Reckless driving, DUI convictions and having a suspended or revoked license can cause your driving record to be closely examined, potentially resulting in higher insurance rates.
  • Having a criminal record, especially for serous offenses, may lead to increased premiums or even rejection of your life insurance request.
  • Recent bankruptcies and other financial problems can impact the approval and rates of life insurance policies. Insurers may consider these financial issues when evaluating an individual’s risk and determining the cost of coverage. It is important to be aware of how these financial challenges can affect your life insurance options and to explore the available alternatives.
  • The length and coverage amount of the policy are important factors. The premiums will usually be higher or longer policies and higher coverage amounts.

Documents Required to Buy Life Insurance

The documents required to purchase/buy a life insurance policy typically include -

  • Duly filled Proposal Form
  • Photograph of the Proposer/Life Assured (Adhaar Card, Voter ID Card, Passport etc.)
  • Age Proof of the Proposer/Life Assured
  • Photo Identity Proof of the Proposer/Life Assured
  • Address Proof of the Proposer/LIfe Assured
  • Medical Examination Report of the Proposer/Life Assured
  • Income Proof of the Proposer/Life Assured
  • PAN Card of the Proposer/Life Assured

Claim Settlement Ratio (CSR) Chart of Life Insurance Companies

Death Claims

Life Insurer Year Claims Paid Ratio % Claims Repudiated/ Rejected Ratio % Claims Pending Ratio %
No. Amt. No. Amt. No. Amt.
ABSL 2021-22 98.07% 96.15% 1.86% 3.75% 0.07% 0.10%
2020-21 98.04% 93.15% 1.79% 6.08% 0.17% 0.77%
Aegon 2021-22 99.03% 98.76% 0.83% 1.24% 0.14% 0.01%
2020-21 99.25% 98.64% 0.75% 1.36% 0.00% 0.00%
Aviva 2021-22 98.39% 98.43% 1.61% 1.57% 0.00% 0.00%
2020-21 98.01% 95.24% 1.99% 4.76% 0.00% 0.00%
Baj Alz 2021-22 99.02% 93.45% 0.93% 5.41% 0.05% 1.13%
2020-21 98.48% 91.97% 1.49% 7.20% 0.03% 0.83%
Bharti Axa 2021-22 99.09% 96.36% 0.84% 0.84% 0.06% 2.80%
2020-21 99.05% 98.55% 0.95% 1.45% 0.00% 0.00%
Can HSBC 2021-22 98.44% 96.42% 1.46% 2.71% 0.11% 0.87%
2020-21 97.10% 92.61% 1.58% 3.91% 1.32% 3.48%
Edelws 2021-22 98.09% 95.12% 1.91% 4.88% 0.00% 0.00%
2020-21 97.01% 87.98% 2.59% 6.26% 0.40% 5.76%
Exide 2021-22 99.09% 96.29% 0.10% 0.10% 0.81% 3.61%
2020-21 98.54% 93.28% 0.22% 1.91% 1.25% 4.81%
Fut Genli 2021-22 96.15% 89.60% 3.85% 10.40% 0.00% 0.00%
2020-21 94.86% 86.24% 4.49% 8.89% 0.65% 4.86%
HDFC 2021-22 98.66% 89.38% 1.19% 9.57% 0.08% 0.86%
2020-21 98.01% 80.06% 0.84% 6.79% 1.05% 12.91%
ICICI 2021-22 97.82% 95.49% 1.79% 3.60% 0.36% 0.88%
2020-21 97.90% 89.20% 1.95% 10.32% 0.11% 0.46%
Ageas 2021-22 97.03% 91.02% 2.12% 6.43% 0.85% 2.55%
2020-21 95.07% 83.44% 2.16% 8.76% 2.77% 7.80%
Indiafirst 2021-22 96.92% 91.10% 2.90% 7.29% 0.18% 1.62%
2020-21 96.81% 91.16% 2.68% 5.55% 0.50% 3.28%
Kotak 2021-22 98.82% 95.53% 0.84% 3.12% 0.34% 1.36%
2020-21 98.50% 95.47% 1.14% 2.21% 0.36% 2.32%
Max 2021-22 99.34% 96.71% 0.66% 3.29% 0.00% 0.00%
2020-21 99.35% 95.42% 0.64% 4.53% 0.00% 0.05%
PNB Metlife 2021-22 97.33% 93.35% 2.61% 6.02% 0.02% 0.35%
2020-21 98.17% 93.92% 1.83% 6.08% 0.00% 0.00%
Pramerica 2021-22 98.30% 96.80% 1.51% 2.83% 0.19% 0.37%
2020-21 98.61% 97.01% 1.24% 2.28% 0.15% 0.71%
Reliance 2021-22 98.67% 95.39% 1.27% 4.01% 0.02% 0.15%
2020-21 98.49% 95.03% 1.47% 4.28% 0.04% 0.69%
Sahara 2021-22 97.08% 97.09% 2.66% 2.45% 0.26% 0.47%
2020-21 97.18% 97.47% 2.60% 2.27% 0.23% 0.26%
SBI Life 2021-22 97.05% 94.55% 2.76% 4.38% 0.01% 0.03%
2020-21 93.09% 86.22% 3.80% 6.41% 2.67% 6.26%
Shriram 2021-22 95.82% 82.39% 4.11% 17.57% 0.07% 0.03%
2020-21 95.12% 77.48% 4.58% 21.73% 0.30% 0.79%
SUD 2021-22 97.42% 91.41% 2.51% 8.36% 0.07% 0.23%
2020-21 95.96% 92.79% 3.55% 5.91% 0.49% 1.30%
Tata AIA 2021-22 98.53% 94.65% 1.45% 5.03% 0.02% 0.32%
2020-21 98.02% 87.57% 1.94% 11.63% 0.04% 0.81%
PVT. 2021-22 98.11% 94.13% 1.73% 5.06% 0.11% 0.59%
2020-21 97.02% 89.08% 2.00% 7.06% 0.86% 3.63%
LIC 2021-22 98.74% 96.02% 0.90% 1.20% 0.17% 1.22%
2020-21 98.62% 95.76% 1.00% 1.47% 0.18% 1.53%
Industry 2021-22 98.64% 95.29% 1.03% 2.69% 0.16% 0.98%
2020-21 98.39% 93.60% 1.14% 3.28% 0.28% 2.21%

Why Do You Need a Life Insurance Policy?

  • It is important to consider purchasing life insurance to provide financial support for your immediate family in the event of your death. Life insurance can help cover expenses such as mortgage payments, education costs and daily living expenses, offering peace of mind during a difficult time. By carefully examining your family’s needs and selecting the right life insurance policy, you can help ensure their financial security.
  • To ensure that your children’s education and other essential needs are covered, it is important to secure financial resources. Planning early and setting aside funds specifically for education can help alleviate the financial burden in the future. Additionally, exploring other financial options such as scholarships, grants or educational loans can further support your children’s educational endeavors.
  • Having a savings plan for the future is essential to ensure consistent source of income after retirement. It provides financial security and peace of mind for the future. By setting aside a portion of your income regularly, you can build a strong financial foundation for your retirement years. Starting early and being consistent with your savings can help you achieve your financial goals for the future.
  • Having an additional income is crucial in the event of a major illness or accident that may result in a decrease in earnings.
  • One important reason for ensuring financial stability is to be prepared for unexpected expenses or emergencies. Additionally, having enough savings can also provide flexibility for pursuing a desired lifestyle or making major life decisions. By prioritizing financial security, individuals can feel more confident and prepared for whatever the future may hold.

List of Life Insurers


SL No. Name Regn no Address Name of the Chairman / MD & CEO Designation Email of Chairman/CEO/MD Appointed Actuary Telephone/Fax Email-id of Insurer
1 भारतीय जीवन बीमा निगम
Life Insurance Corporation of India
512 योगक्षेम, जीवन बीमा मार्ग, पोस्ट बॉक्स नंबर 19953, मुंबई - 400021
Yogakshema, Jeevan Bima Marg, Post Box No. 19953, Mumbai - 400021
श्री सिद्धार्थ मोहंती
Mr. Siddhartha Mohanty
अध्यक्ष
Chairman
श्री दिनेश पंत
Mr. Dinesh Pant
दूरभाष / Tel 22-68276827 https://www.licindia.in/
2 मैक्स लाइफ इंश्योरेंस कंपनी लिमिटेड
Max Life Insurance Company Limited
104 तीसरी, 11वीं, 12वीं मंजिल, डीएलएफ स्क्वायर बिल्डिंग, जैकरांडा मार्ग, डीएलएफ सिटी, चरण - II, गुड़गांव - 122002, हरियाणा 3rd, 11th, 12th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase - II, Gurgaon - 122002, Haryana श्री प्रशांत त्रिपाठी Mr. Prashant Tripathy एमडी & सीईओ MD & CEO श्री जोस चतुपराम्बिल जॉन Mr. Jose Chathuparambil John दूरभाष / Tel 0124-4121500 https://www.maxlifeinsurance.com/
3 एचडीएफसी लाइफ इंश्योरेंस कंपनी लिमिटेड
HDFC Life Insurance Company Limited
101 13वीं मंजिल, लोढ़ा एक्सेलस, अपोलो मिल्स कंपाउंड, एनएम जोशी रोड, महालक्ष्मी, मुंबई - 400011, महाराष्ट्र 13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai - 400011, Maharashtra सुश्री विभा पडलकर Ms. Vibha Padalkar एमडी & सीईओ MD & CEO सुश्री ईश्वरी मुरुगन Ms. Eshwari Murugan दूरभाष / Tel 022 - 67516666 https://www.hdfclife.com/
4 आईसीआईसीआई प्रूडेंशियल लाइफ इंश्योरेंस कंपनी लिमिटेड
ICICI Prudential Life Insurance Company Limited
105 आईसीआईसीआई प्रुलाइफ टावर्स, 1089, अप्पासाहेब मराठे मार्ग, प्रभादेवी, मुंबई - 400025 ICICI Prulife Towers,1089, Appasaheb Marathe Marg, Prabhadevi,Mumbai - 400025 श्री अनुप बागची Mr. Anup Bagchi एमडी & सीईओ MD & CEO श्री सौविक जश Mr. Souvik Jash दूरभाष / Tel (022) 40391600 https://www.iciciprulife.com/
5 कोटक महिंद्रा लाइफ इंश्योरेंस कंपनी लिमिटेड
Kotak Mahindra Life Insurance Company Limited
107 901 (ए-विंग) और 902 (बी-विंग), 9वीं मंजिल, इंटेलियन स्क्वायर (बिल्डिंग नंबर 4), इनफिनिटी पार्क, ऑफ वेस्टर्न एक्सप्रेस हाईवे, जनरल एके वैद्य मार्ग, मलाड (पूर्व), मुंबई - 400097 901 (A-wing) & 902 (B-Wing), 9th floor, Intellion Square (Building No. 4), Infinity Park, Off. W. E. Highway, General AK Vaidya Marg, Malad (E), Mumbai-400 097 श्री महेश बालासुब्रमण्यम Mr. Mahesh Balasubramanian एमडी & सीईओ MD & CEO श्री आर.जयरामन Mr. R. Jayaraman दूरभाष / Tel 022-66057652 / 6605777 https://www.kotaklife.com/
6 आदित्य बिड़ला सनलाइफ इंश्योरेंस कंपनी लिमिटेड
Aditya Birla SunLife Insurance Company Limited
109 वन इंडिया बुल्स सेंटर, टावर 1, 16वीं मंजिल, ज्यूपिटर मिल कंपाउंड, 841, सेनापति बापटमार्ग, एलफिंस्टन रोड, मुंबई - 400013 One India Bulls Centre,Tower 1, 16th Floor, Jupiter Mill Compound, 841, SenapatiBapatMarg, Elphinstone Road,Mumbai - 400013. श्री कमलेश राव Mr. Kamlesh Rao एमडी & सीईओ MD & CEO श्री नकुल यादव Mr. Nakul Yadav दूरभाष / Tel 022 - 43569000 https://lifeinsurance.adityabirlacapital.com/
7 टाटा एआईए लाइफ इंश्योरेंस कंपनी लिमिटेड
TATA AIA Life Insurance Company Limited
110 14वीं मंजिल, टावर ए, पेनिनसुला बिजनेस पार्क लोअर परेल, सेनापति बापट मार्ग, मुंबई - 400013 14th Floor, Tower A, Peninsula Business Park Lower Parel, Senapati Bapat Marg, Mumbai - 400013 श्री नवीन ताहिलियानी Mr. Naveen Tahilyani एमडी & सीईओ MD & CEO श्री अंकुर सर्राफ Mr. Kshitij Sharma दूरभाष / Tel 022 - 66479000 http://tataaia.com/
8 एसबीआई लाइफ इंश्योरेंस कंपनी लिमिटेड
SBI Life Insurance Company Limited
111 "नटराज", एमवी रोड और वेस्टर्न एक्सप्रेस हाईवे जंक्शन, अंधेरी (पूर्व), मुंबई 400069 “Natraj”, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai 400069 श्री महेश कुमार शर्मा Mr. Mahesh Kumar Sharma एमडी & सीईओ MD & CEO श्री पृथेश चौबे Mr. Prithesh Chaubey दूरभाष / Tel 022-61910000 / 1800 267 9090 https://www.sbilife.co.in/
9 बजाज आलियांज लाइफ इंश्योरेंस कंपनी लिमिटेड
Bajaj Allianz Life Insurance Company Limited
116 बजाज आलियांज हाउस, एयरपोर्ट रोड, यरवदा, पुणे - 411006 Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006 श्री तरूण चुघ Mr. Tarun Chugh एमडी & सीईओ MD & CEO श्री अवधेश गुप्ता Mr. Avdhesh Gupta दूरभाष / Tel 020 - 66026773 https://www.bajajallianzlife.com
10 पीएनबी मेटलाइफ इंडिया इंश्योरेंस कंपनी लिमिटेड
PNB MetLife India Insurance Company Limited
117 यूनिट नंबर 101, पहली मंजिल, टेक्नीप्लेक्स - 1, टेक्नीप्लेक्स कॉम्प्लेक्स, वीर सावरकर फ्लाईओवर, ऑफ एसवी रोड गोरेगांव (पश्चिम), महाराष्ट्र - 400062 Unit No. 101, 1st Floor, Techniplex - 1, Techniplex Complex, Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra - 400062 श्री आशीष कुमार श्रीवास्तव Mr. Ashish Kumar Srivastava एमडी & सीईओ MD & CEO सुश्री आसफ़ा कौसर बिहारी Ms. Asfa Kausar Bihari दूरभाष / Tel 022 - 41790000 https://www.pnbmetlife.com/
11 रिलायंस निप्पॉन लाइफ इंश्योरेंस कंपनी लिमिटेड
Reliance Nippon Life Insurance Company Limited
121 Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road,
Bandra Kurla Complex, Bandra East, Mumbai-400051
श्री आशीष वोहरा Mr. Ashish Vohra सीईओ & ईडी CEO & ED श्री प्रदीप कुमार थपलियाल Mr. Pradeep Kumar Thapliyal दूरभाष / Tel 022 6896 5000 http://www.reliancenipponlife.com/
12 अवीवा लाइफ इंश्योरेंस कंपनी इंडिया लिमिटेड
Aviva Life Insurance Company India Limited
122 401-ए, चौथी मंजिल, ब्लॉक ए, डीएलएफ साइबर पार्क, सेक्टर-20, एनएच-8, गुरुग्राम, हरियाणा-122016, भारत
401-A, 4th Floor, Block A, DLF Cyber Park, Sector-20, NH-8, Gurugram, Haryana-122016, India
श्री असित रथ Mr. Asit Rath एमडी & सीईओ MD & CEO श्री अजय कुमार त्रिपाठी Mr. Ajai Kumar Tripathy दूरभाष / Tel 0124 - 2709000/46 https://www.avivaindia.com/
13 सहारा इंडिया लाइफ इंश्योरेंस कंपनी लिमिटेड
Sahara India Life Insurance Company Limited
127 सहारा इंडिया सेंटर, 1, कपूरथला कॉम्प्लेक्स, अलीगंज, लखनऊ - 226024
Sahara India Centre, 1, Kapoorthala Complex, Aliganj, Lucknow - 226024
श्री ए के दासगुप्ता Mr. A K Dasgupta President & CEO श्री रिपुदमन सेठी Mr. Ripudaman Sethi दूरभाष / Tel 0522-2337777 https://www.saharalife.com/
14 श्रीराम लाइफ इंश्योरेंस कंपनी लिमिटेड
Shriram Life Insurance Company Limited
128 रामकी सेलेनियम, प्लॉट नंबर: 31 और 32, आंध्रा बैंक प्रशिक्षण केंद्र के बगल में, वित्तीय जिला, गाचीबोवली, हैदराबाद
- 500032 Ramki Selenium,Plot No:31 & 32,Beside Andhra Bank Training Centre, Financial District, Gachibowli, Hyderabad - 500032.
श्री कैस्परस जेकोबस हेंडरी क्रॉमहौट Mr. Casparus Jacobus Hendri Kromhout एमडी & सीईओ MD & CEO श्री जोहान्स गिलियम वैन हेल्सडिंगेन Mr. Johannes Gilliam van Helsdingen दूरभाष / Tel 040 - 23434466-72 https://shriramlife.com/
15 भारती एक्सा लाइफ इंश्योरेंस कंपनी लिमिटेड
Bharti AXA Life Insurance Company Limited
130 यूनिट नंबर: 1904, 19वीं मंजिल, पैरिनी क्रेस्केंज़ो, 'जी' ब्लॉक, बांद्रा कुर्ला कॉम्प्लेक्स, बीकेसी रोड, एमसीए
ग्राउंड के पीछे, बांद्रा पूर्व, मुंबई - 400051
Unit no:1904,19th Floor, Parinee Crescenzo,‘G’ Block, Bandra Kurla Complex, BKC Road, Behind MCA Ground, Bandra East, Mumbai - 400051
श्री पराग राजा Mr. Parag Raja एमडी & सीईओ MD & CEO श्री वरुण गुप्ता Mr. Varun Gupta दूरभाष / Tel 022 - 40306397 https://www.bharti-axalife.com/
16 फ्यूचर जेनराली इंडिया लाइफ इंश्योरेंस कंपनी लिमिटेड
Future Generali India Life Insurance Company Limited
133 इंडियाबुल्स फाइनेंस सेंटर, टॉवर 3, 6वीं मंजिल, सेनापति बापट मार्ग, एलफोंस्टोन (डब्ल्यू), मुंबई - 400013
Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphonstone (W), Mumbai-400013
श्री ब्रूस डी ब्रोइज़ Mr. Bruce de Broize एमडी & सीईओ MD & CEO श्री आदित्य मल्ल Mr. Aditya Mall दूरभाष / Tel 022- 40976666 https://life.futuregenerali.in/
17 एजेस फेडरल लाइफ इंश्योरेंस कंपनी लिमिटेड
Ageas Federal Life Insurance Company Limited
135 22वीं मंजिल, ए विंग, मैराथन फ्यूचरएक्स, एनएम जोशी मार्ग, लोअर परेल - ईस्ट, मुंबई - 400013
22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel - East, Mumbai - 400013
श्री विघ्नेश सहाने Mr. Vighnesh Sahane एमडी & सीईओ MD & CEO श्री शिवांक चंद्रा Mr. Shivank Chandra दूरभाष / Tel 022 - 23029200 https://www.ageasfederal.com/
18 केनरा एचएसबीसी लाइफ इंश्योरेंस कंपनी लिमिटेड
Canara HSBC Life Insurance Company Limited
136 139 P Sector - 44, Gurugram - 122003 Haryana, India श्री अनुज माथुर Mr. Anuj Mathur एमडी & सीईओ MD & CEO श्री अक्षय ढंड Mr. Akshay Dhand दूरभाष / Tel 0124 - 4535500 https://www.canarahsbclife.com/
19 बंधन लाइफ इंश्योरेंस लिमिटेड
Bandhan Life Insurance Limited
138 बंधन लाइफ इंश्योरेंस लिमिटेड, ए-201, दूसरी मंजिल, लीला बिजनेस पार्क, एनआर. एयरपोर्ट रोड मेट्रो स्टेशन, अंधेरी कुर्ला रोड, अंधेरी (पूर्व), मुंबई - 400459
Bandhan Life Insurance Limited - A - 201, 2nd Floor, Leela Business Park, Nr. Airport Road Metro Station, Andheri Kurla Road, Andheri (East), Mumbai - 400459
श्री सतीश्वर बालाकृष्णन Mr. Satishwar Balakrishnan एमडी & सीईओ MD & CEO श्री कमलेश गुप्ता Mr. Kamlesh Gupta दूरभाष / Tel 022 61180100 www.bandhanlife.com
20 प्रामेरिका लाइफ इंश्योरेंस कंपनी लिमिटेड
Pramerica Life Insurance Company Limited
140 चौथी मंजिल, टावर बी, बिल्डिंग नंबर 9, डीएलएफ साइबर सिटी, फेज़-III, गुड़गांव 122002
4th Floor, Tower B, Building No.9, DLF Cyber City, Phase-III, Gurgaon 122002
श्री पंकज गुप्ता Mr. Pankaj Gupta एमडी & सीईओ MD & CEO श्री पवन कुमार शर्मा Mr. Pawan Kumar Sharma दूरभाष / Tel 0124 - 4697000 https://www.pramericalife.in/
21 स्टार यूनियन दाई-इची लाइफ इंश्योरेंस कंपनी लिमिटेड
Star Union Dai-Ichi Life Insurance Company Limited
142 11वीं मंजिल, प्लॉट नंबर: 34, 35 & 38, विश्वरूप आईटी पार्क, आईआईपी का सेक्टर - 30ए, वाशी, नवी मुंबई 400703
11th Floor, Plot No: 34, 35 & 38, Vishwaroop IT Park, Sector-30 A of IIP, Vashi, Navi Mumbai 400703
श्री अभय तिवारी Mr. Abhay Tewari एमडी & सीईओ MD & CEO श्री प्रदीप कुमार आनंद Mr. Pradeep Kumar Anand दूरभाष / Tel 022- 39546200 https://www.sudlife.in/
22 इंडियाफर्स्ट लाइफ इंश्योरेंस कंपनी लिमिटेड
IndiaFirst Life Insurance Company Limited
143 12वीं और 13वीं मंजिल, उत्तरी [सी] विंग, टावर 4, नेस्को आईटी पार्क, नेस्को सेंटर, वेस्टर्न एक्सप्रेस हाईवे,
गोरेगांव (पूर्व), मुंबई - 400063
12th and 13th Floor, North [C] wing,Tower 4, NESCO IT Park, NESCO Centre, Western Express Highway, Goregaon (East), Mumbai - 400063
सुश्री आर एम विशाखा Ms. R M Visakha एमडी & सीईओ MD & CEO सुश्री भावना वर्मा Ms. Bhavna Verma दूरभाष / Tel 022 39418700 https://www.indiafirstlife.com/
23 एडलवाइस टोकियो लाइफ इंश्योरेंस कंपनी लिमिटेड
Edelweiss Tokio Life Insurance Company Limited
147 तीसरी & चौथी मंजिल, टॉवर 3, विंग बी, कोहिनूर सिटी, किरोल रोड, कुर्ला (पश्चिम), मुंबई - 400070
3rd & 4th Floor, Tower 3, Wing B, Kohinoor City, Kirol Road, Kurla (West), Mumbai - 400070
श्री सुमित राय Mr. Sumit Rai एमडी & सीईओ MD & CEO श्री निर्मल नोगजा Mr. Nirmal Nogaja दूरभाष / Tel 022-4063 5599 https://www.edelweisstokio.in/
24 क्रेडिट एक्सेस लाइफ इंश्योरेंस लिमिटेड
Credit Access Life Insurance Limited
163 पहली मंजिल, 595, श्री लक्ष्मी आदि नारायण स्वामी आर्केड, आउटर रिंग रोड, जेपी नगर, फेज़-1
बेंगलुरु, कर्नाटक - 560078
1st Floor, 595, Sri Lakshmi Adi Narayana Swamy Arcade, Outer Ring Road, JP Nager, Phase-1 Bengaluru, Karnakata - 560078
श्री दिवाकर राम बोद्दुपोली Mr. Diwakar Ram Boddupolli एमडी & सीईओ MD & CEO सुश्री अरुंधति घोषाल Ms Arundhati Ghoshal दूरभाष / Tel 080-6997 8070 www.creditaccesslife.in
25 एको लाइफ इंश्योरेंस लिमिटेड Acko Life Insurance Limited 164 36/5, हसलहब वन ईस्ट सोमसंद्रापालय 27वीं मुख्य सड़क, सेक्टर-2, एचएसआर लेआउट बेंगलुरु, कर्नाटक - 560102
36/5, Hustlehub One East Somasandrapalaya 27th Main Road, Sector-2, HSR Layout
Bengaluru, Karnataka - 560102
श्री अमित कुमार तिवारी Mr. Amit Kumar Tiwari एमडी & सीईओ MD & CEO श्री ईश्वर एस गोपाशेट्टी Mr. Ishwar S Gopashetti दूरभाष / Tel 080-68323600 https://www.acko.com/life-insurance
26 गो डिजिट लाइफ इंश्योरेंस लिमिटेड।
Go Digit Life Insurance Limited.
165 अनंता वन (एआर वन), प्राइड होटल लेन, नरवीर तानाजी वाडी, सिटी सर्वे नंबर 1579, शिवाजीनगर पुणे-411005
Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No. 1579, Shivajinagar Pune-411005
श्री श्रीनिवासन पार्थसारथी Mr. Srinivasan Parthasarathy एमडी & सीईओ MD & CEO श्री सब्यसाची सरकारMr. Sabyasachi Sarkar दूरभाष / Tel 18002585956 https://www.godigit.com/life
28 एक्साइड लाइफ इंश्योरेंस कंपनी का एचडीएफसी लाइफ इंश्योरेंस कंपनी
के साथ विलय 14 अक्टूबर, 2022 से प्रभावी हो गया है
Exide Life Insurance Company has merged with HDFC Life Insurance Company effective
from the End of Day 14th October, 2022

Frequently Asked Questions (FAQs)

A: Life insurance is a crucial financial tool that provides financial security for your loved ones in the event of your death. By paying premiums to the insurance company, you ensure that your beneficiaries will receive a lump sum payment if you pass away during the policy term. It's a way to protect your family's financial future and provide for them even when you're no longer around.

A: Life insurance is crucial for providing financial protection to your family in case of your death, as it ensures that they can cover various expenses when you're no longer around. The death benefit can help with costs such as funeral expenses, any outstanding debts, and provide ongoing financial support to maintain their quality of life.

A: When deciding on the right amount of life insurance coverage, it is vital to take into account factors such as your income, debts, dependents, and financial aspirations. This comprehensive assessment can be effectively undertaken with the guidance of a proficient financial advisor.

A: When choosing a life insurance policy, it is essential to consider factors such as the type of coverage (term or whole life), the amount of the death benefit, the cost of the premium, and the financial strength of the insurance company. Additionally, it is crucial to compare quotes from multiple insurers before making a decision.

A: You may still be eligible for life insurance, albeit at a potentially higher premium as a result of your health condition. The insurance company will evaluate your health risks by thoroughly reviewing your medical history and lifestyle.

A: If you fail to make premium payments, your life insurance policy will eventually expire, leading to termination of coverage. Fortunately, some policies provide a grace period after a missed payment, allowing you to catch up.

A: Most life insurance policies sponsored by employers are group term life insurance plans. This means that coverage is typically linked to your employment status. In the event that you leave your job, there is a possibility to convert your group coverage to an individual policy, although it is important to note that the premiums might be higher in this case.
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