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Life Insurance Insurance

What is Life Insurance Policy?

A life insurance policy is a scheme that offers guaranteed financial protection for a specific term against the death of the policyholder. The financial protection offered as the sum assured on death of the life assured is payable to the assigned beneficiary of the life insurance policy. The insurer pays out the promised benefit amount either on the death of the life assured (as mentioned earlier) or at the end of the policy term on the date of maturity.

Key Features of Life Insurance Policy

A vehicle insurance policy comes with several features that can be very beneficial for the policyholder. Here are some of those features that you should know about:

Key Features of Life Insurance Policy

Key Features Benefits Offered
Death Benefits Available under whole life insurance, term insurance, endowment plans, and ULIPs.
Investment Component Available under Term, ULIPs, and endowment plans.
Maturity Benefits Available under whole life insurance, ULIPs, and endowment plans.
Tax Benefits Available under all types of life insurance plans.
Riders/ Add-on Covers A number of rider benefits or add-on covers are available for all the life insurance plans.
Coverage Against Various Liabilities Most of the policies provides coverage against various liabilities of the policyholders like mortgage, loans, and other types of debts. 
Buying Process Online and Offline
Claim Assistance Available
Claim Process Easy online and offline claim process
Physical Paperwork Only in case of offline policy purchase
Premium Payment Term Single, Regular, or Limited
Payout Options One Time Payout, One Time Lump-Sum Plus Fixed Monthly Payouts, and One Time Lump Sum Payment Plus Increasing Monthly Payouts

Types of Life Insurance Policies in India

Life Insurance Plans Coverage
Term Plans Pure risk cover
ULIPs Insurance + Investment benefits
Endowment Plans Insurance cover + Savings
Money Back Plans Insurance cover with periodic returns
Whole Life Insurance Plans Coverage for a lifetime
Child Plans To create a corpus for child's education, wedding etc.
Retirement Plans Financial cushion aiding financial independence post retirement.