Term life insurance could be a type of life protection that gives scope for a particular period, known as the "term." The guarantor individual passes absence amid this term, the approach pays out a passing advantage to the assigned recipients.


  • Scope Period:Term life insurance is time-limited, regularly extending from 10 to 30 a long time. The safety net provider individual passes on inside this period, the passing advantage is paid out. The term closes, the individual is still lively, and there's no payout.
  • Passing Advantage:The passing advantage is the sum of cash the recipients get in matter the guarantor individual passes absent amid the term. This payout is ordinarily tax-free.
  • Premiums:Term life protection more often than not has lower premiums compared to other sorts of life insurance, making it a reasonable option for numerous people.
  • Renewability and Convertibility:A few term approaches offer the alternative to resume the scope after the term or reverse it into a changeless life protection approach.
Insurance Provider Claims settlement ratio Insurance Premium Sum Assured
HDFC Life 98.01% Rs. 7,185 Rs. 50 lakh to above (no upper limit)
ICICI Prudential 97.90% Rs. 8,021 Rs. 50 lakh to above (no upper limit)
Max Life 99.35% Rs. 6,095 Rs. 25 lakh to 3.5 crore
TATA AIA Life Insurance 98.02% Rs. 6,844 Rs. 50 lakh to above (no upper limit)
Aditya Birla life Insurance 98.04% Rs. 5,591 Rs. 50 lakh to above (no upper limit)
PNB Metlife 98.17% Rs. 6,490 Rs. 25 lakh to 2 crore
SBI life Insurance 93.09% Rs. 7,519 Rs. 50 lakh to above (no upper limit)
Bajaj Allianz 98.48% Rs. 7,348 Rs. 50 lakh to rs. 10 crore
Kotak Life 98.50% Rs. 5,250 Rs. 25 lakh to no upper limit
Edelweiss Tokio 97.01% Rs. 4,902 Rs. 25 lakh to no upper limit

When it comes to life insurance, the standard idea of the product is that if you pass away, an insurance company will pay your family a large sum of money. But that is not the only benefit that a life insurance product has to offer. A life insurance policy can also be used to plan for upcoming and unforeseen expenses through schemes like ULIPs (Unit Linked Insurance Plans) that provide returns through investment in the markets.

Below are some of the popular life insurance companies in India:

Life Insurance Corporation of India

  • Life Insurance Corporation of India or LIC is one of the oldest state-owned insurance company in India.
  • 15% discount and other benefits at leading restaurants across India.
  • The corporation made its IPO public on 4 May 2022.
  • 18 years is the minimum age of entry for Life Insurance Corporation of India.

SBI Life Insurance

  • SBI Life Insurance is responsible for providing life insurance policies to more than a million Indians in today’s date.
  • The company was established as a public limited company in Mumbai on October 11, 2000. On November 20, 2000, the RoC issued the company a Certificate of Commencement of Business. On March 29, 2001, the company registered with the IRDAI to conduct the business of life insurance.
  • The headquarters for SBI Life Insurance is situated in Mumbai.
  • SBI life insurance has a minimum entry of age of 18 years to take a life insurance

HDFC Standard Life Insurance

  • HDFC Standard Life Insurance is a highly reputed private insurance company operating in India today.
  • The insurance corporation is considered one of the most reliable life insurance companies in India.
  • The company produced effective returns on operating Earning Value (EV) of 20% for the previous three fiscal years.

Max Life Insurance

  • Max Life Insurance is a renowned general insurance company currently offering policies to millions of Indians.
  • The channels of distribution for Max Life include, among others, banks, private agents, brokers, and corporate agents. It offers things that are linked, participating, and not participating.
  • It provides both people and groups with child protection, retirement, savings, and growth plans.
  • The minimum age of entry for Max life insurance is 18 years.

Bajaj Allianz Life Insurance

  • Bajaj Allianz is a highly reputed and renowned insurance company that offers the best deals on policies.
  • The insurance company provides insurance ranging from car insurance, life insurance, health insurance, etc. To their customer base.
  • Bajaj Allianz life insurance has a minimum age of entry of 18 years.

Kotak Mahindra Life Insurance

  • Kotak Mahindra is one of the best insurance companies currently operating in India with millions of customers.
  • The products offered by Kotak Life Insurance include rural plans, term plans, savings plans, children's plans, retirement plans, and investment plans at low premium rates.
  • These products are affordable to individual investors and can meet their lifetime needs.
  • Each insurance plan is created to offer the maximum protection possible in addition to benefits and keeping in mind the needs of the various segments of society.
  • For Kotak Mahindra life insurance plan, the minimum age of entry is 18 years.

Reliance Nippon Life Insurance

  • Reliance Nippon Life Insurance is one of the most reputed life insurers currently functioning in India.
  • The company caters to four different segments: protection, children, retirement, and investment programs. It offers life insurance policies that are aimed at both individuals and organisations.
  • For many years, the company has been ranked as one of the top five private insurance companies in the country.
  • The minimum age of entry to take a policy with Reliance Nippon life insurance is 18 years of age.

PNB MetLife Insurance

  • PNB MetLife is a highly reputed insurance company currently providing life insurance policies to more than a million Indians in today’s date.
  • Through its bank agreements with PNB, Jammu & Kashmir Bank Limited (JKB), and Karnataka Bank Limited, PNB MetLife today operates more than 150 branches around the nation and services clients in more than 7,000 locations.
  • The minimum age of entry for this scheme is 18 years.

Edelweiss Tokio Life Total Protect Plus

  • Explore The Edelweiss Tokio Life is a reputed insurance company that provides life insurance till the age of 100.
  • It also provides child protection cover and various benefits for your better half.
  • The minimum sum assured for total protect plus is Rs.50,00,000.
  • The minimum age of entry for this policy plan is 18 years.

Birla DigiShield Plan

  • The life insurance cover is available for 1 year to 100 years with Birla DigiShield plan.
  • Provides the option to cover your better half under this scheme.
  • The minimum sum payout under this scheme is Rs.50,00,000.
  • The minimum age of entry for this policy is 18 years.


Following are the documents you will require to purchase a life insurance policy:

  • Proof of Identity(Pan card/Voter Id card/Aadhar Card /Driving Licence)
  • Age Proof (Driving License / PAN Card / Passport / Birth certificate).
  • Proof of Residence (Passport / Telephone Bill / Electricity Bill / Ration Card / Water Bill / Voter ID).
  • Proof of Income (Income tax returns/Employer’s certificate /Income tax assessment).

Life insurance claims are made under two circumstances:

  • Death of the life insured
  • Maturity of the life insurance policy

Life insurance Claims in Case of Death:

Here, nominees or close relatives of the deceased make the claim (or assignees if the policy has been assigned) in the following way:

  • Inform the insurer as soon as possible with details such as time of death, place of death and cause of death.
  • Submit the relevant documents to the insurer. This will include:
    • The death certificate of the deceased person along with the claim form as provided by the company.
    • The policy in its original form as this is a legal document and proof of an insurance agreement that covered the life of the deceased.
    • Discharge form which has to be signed with witnesses.
    • If the policy was assigned, the assignee will have to provide the deed.
    • If a claim is made by someone other than the nominee or assignee, the person making the claim will have to submit legal proof of his/her title.
    • If required, post-mortem reports and hospital and attending doctors reports will also have to be submitted.
    • In cases involving police inquiries, an inquest report will have to be submitted.

While these outline the standard set of documents required to process a claim, other evidence may be required such as an employers certificate or any other forms or reports that will help resolve any issues thrown up during an insurers claim verification or investigative processes.

When a policyholder’s beneficiary or nominee is claiming life insurance, he or she will be required to follow certain rules. The nominee will have to file a death claim in order to procure the death benefit. If you have a physical insurance policy, you can take a claim intimation or a notification form from your life insurance provider. If you have an online policy, you can apply for a form online.

  • Your claim intimation will need to comprise elements such as policy number, name of the policyholder, place of death, name of the insured, name of the claimant, etc.
  • The nominee will first have to fill a few death claim forms and also provide some proof of death. Once the form is filed with the life insurance company, then it is established that the company has got a death claim.
  • Next, the nominee will need to assemble all the appropriate documents that serve as proof.
  • Then, the nominee will need to furnish these documents to the company for the claim settlement process.
  • Once the forms and documents are submitted, the company will verify everything and then make a decision about if the claim should be settled or not.

Being insured in today’s date is of utmost importance. Even if your partner has a life insurance policy and a group policy from his/her company, it is important that you purchase a comprehensive life cover for yourself. Covering your life will not reduce the emotional distress that you may be going through, but a life insurance policy will ensure that you have adequate financial backup during times of your need. The insurance market is currently flooded with insurers selling a horde of insurance products and services. While selecting a particular life insurance policy, it is imperative to understand the tax implications of the same.

  1. Section 80C of the Income Tax Act Deduction: If you are currently paying a premium towards your life insurance policy or for the life of your parents, children, or spouse, you will be eligible for a deduction under Section 80C of the Income Tax Act. Irrespective of whether your child is a minor or not, the deduction shall be applicable. However, in order to be able to claim the said deduction, the premium amount (being paid by policyholder) must not be more than 10% of the sum assured amount, in case the policy was issued after 1 April 2012.
  2. Section 10(10D) Maturity Deduction: If the premium amount (being paid by policyholder) does not surpass 10% of the sum assured for plans that have been issued post 1 April 2012 and 20% of the sum assured for plans that have been issued before 1 April 2012, then the maturity amount that the policyholder receives at the end of the policy term will be completely exempt from tax as per Section 10(10D) of the Income Tax Act, 1961.

Women are becoming more and more empowered in all aspects in India. These days they are not only contributing to household chores but are also working shoulder to shoulder alongside men. Gone are the days where the man of the house was the sole breadwinner.

This is probably the reason why women need life insurance just as much as men in India. Women typically have the tendency of taking their financial protection for granted, hence miss out on purchasing life insurance or health insurance policies for themselves. Mentioned below are a few reasons why women should invest in life insurance policies in India:

  1. They offer financial protection – Life insurance is essentially reliable because it offers a sense of security and protection to the policyholder and his/her family members. Moreover, when you are financially responsible for your family, no compromises should be made on protecting the same.
  2. Life insurance policies help in savings growth – Women have always been successful with their attempts at traditional money saving, through a piggy bank, for instance. However, with the introduction of market-linked investment plans like ULIPs or endowment plans, it has now become possible to receive returns on your investment alongside coverage and protection.
  3. Life insurance provides protection during critical illnesses – The cost of medical treatments and surgical procedures have skyrocketed, especially in the preceding years. The diagnosis of a critical illness can render the whole family helpless, in terms of finances. Moreover, if the breadwinner of the family is the sufferer, it creates an even greater financial burden on the family of the policyholder. In such a scenario, a comprehensive life insurance or health insurance policy will provide coverage and protection and thus help the family tide over the financial loss.
  4. Life insurance policies are cost-effective – According to a study conducted recently, females outlive men and hence their life expectancy is longer. This is the reason why insurance companies see women as less risky than men and hence their premiums are highly cost-effective.
  5. Life insurance provides the scope for retirement saving – Relying completely on the retirement investment plan of your husband might not be the most advisable thing to do. Instead, you should purchase a comprehensive life insurance policy for yourself, to help enhance the already existing retirement savings.

What are the Types of Life Insurance Policies Suitable for Women in India?

The following types of life insurance policies are most suitable for the women in India:

  1. Term insurance plan:With the help of a term life insurance policy, you can keep all your loved ones safe and secure. Moreover, term plans come at an extremely concessional rate, and are therefore much more cost-effective than traditional life insurance policies. You should purchase a term plan early on in life as that will fetch you lower premiums.
  2. Critical illness coverage policy: To ensure that you receive standard medical treatment in the event of occurrence of a critical illness, it is imperative that you purchase a critical illness coverage plan. This is an enhancement for your existing financial investment planning.
  3. Endowment life insurance policy:Such plans can help you build your savings. Through endowment plans you can achieve your long-term or short-term goals.

1. Selecting Scope Sum

Choose the sum of scope required based on factors like income, extraordinary obligations, and future financial needs of your recipients.

2. Choosing Term Length

Select a term that adjusts with your monetary commitments. For illustration, in case you have got a 20-year mortgage, a 20-year term approach may be appropriate.

3. Paying Premiums

Pay standard premiums, ordinarily month to month or every year, to keep the arrangement dynamic.

4. Recipient Assignment

Assign one or more recipients who will get the passing advantage if the guarantor individual passes absent amid the term. Renewability and Convertibility:

1. Renewability

A few term arrangements offer the option to resume coverage for another term without experiencing a therapeutic examination. In any case, the premiums may increase.

2. Convertibility

Convertibility allows you to change over a term approach into a lasting life protection arrangement without a healthy exam. This can be a vital choice in case your needs alter over time.

Common Misinterpretations

1. No Cash Esteem

Not at all like lasting life Insurance and term life insurance do not amass cash esteem. It's simply a passing advantage.

2. Outlasting the Approach

On the off possibility that the safety net provider person outlives the term, there is no payout, and the bonuses paid are not yielded. For more information, Go & check out the financenu site.


Term life insurance is regularly more reasonable than entirety life or widespread term life insurance, making it open for people on a budget.

2.Basic Structure

The structure of term life insurance is direct. You pay regular premiums, & on the off chance that the safety net provider individual passes absent amid the term, the recipients get the passing advantage.

3.Brief Needs

It's appropriate for covering specific budgetary obligations that will diminish over time, such as paying off a contract or subsidising children's instruction.

LifeLife insurance policies are known for insuring the life of the insured and also for providing a lump sum amount to the insured’s family after the former (the insured) passes away. The insurance market is flooded with numerous insurance policies offered by various insurance providers. Hence, choosing a life insurance policy that best suits one’s needs has become a convenient process.

However, before investing in a life insurance policy, it is important to analyse the cost and one’s needs, and invest accordingly.

Factors Affecting Life Insurance Policy Premiums:

  • If an individual is overweight or obese, he/she will be required to pay extra an premium for his/her life insurance policy.
  • If an individual is part of a risky occupation like race car driving, insurance companies are typically skeptical towards such professions because of their high risk. Hence the premiums are high.
  • If an individual is a smoker, his/her risks are increased, and hence, he/she will be required to pay extra premiums towards the life insurance policy.
  • If an individual is a heavy drinker, he/she will be required to pay extra premiums.