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Living a tension-free life with your beloved family is the most precious thing everybody wants. People do everything to take care of the emotional and financial needs of their loved ones. Everybody wishes that their family members stay happy, protected, and financially secure throughout their life, and tensions stay far away if anything unfavorable happens. And this is where Life insurance comes into play.
What is Life Insurance?
Life insurance is an agreement between you and the insurance company where you pay money to an insurance company regularly and in return, they promise to give a certain amount of money to the people you choose (called beneficiaries) after your death. It acts like a safety net for your loved ones.
Life insurance helps protect your family by securing them financially for things like:
- Replacing lost income
- Paying off debts
- Funeral costs
- Children's education
- Everyday expenses
Life Insurance Plans
Now, that we understand the health insurance meaning, let's understand some of its features that you can get
| Term Insurance Company | Term Insurance Plan | Entry Age | Sum Assured | |
|---|---|---|---|---|
| ICICI Prudential Life Insurance | ICICI Pru iProtect Smart | 18-65 years | 50 Lacs-20 Crores | Apply Now |
| HDFC Life Insurance | HDFC Life Click 2 Protect Super | 18-65 years | 50 Lacs 20 Crores | Apply Now |
| Axis Max Life Insurance | Axis Max Smart Term Plan Plus | 18-60 years | 25 Lacs-20 Crores | Apply Now |
| Tata AIA Life Insurance | Tata AIA Sampoorna Raksha Promise | 18-65 years | 25 Lacs - No limit | Apply Now |
| Bajaj Allianz Life Insurance | Bajaj Allianz Life eTouch II | 18-65 years | 50 Lacs-No limit | Apply Now |
| Canara HSBC Life Insurance | Canara HSBC Young Term Plan - Life Secure | 18-45 years | 25 Lacs - No limit | Apply Now |
| Digit Life Insurance | Digit Glow Term Insurance | 18-65 years | 25 Lacs-1 Crore | Apply Now |
| Kotak Life Insurance | Kotak e-Term Insurance | 18-65 years | 51 Lacs No limit | Apply Now |
| Edelweiss Life Insurance | Edelweiss Life Zindagi Protect Plus | 18-65 years | 50 Lacs - No limit | Apply Now |
| Aditya Birla Sun Life Insurance | ABSLI DigiShield | 18- 65 years | 30 Lacs - No limit | Apply Now |
| SBI Life Insurance | SBI Life eShield Next | 18-60 years | 50 Lacs - No limit | Apply Now |
| Bandhan Life Insurance | Bandhan Life iTerm Prime | 18-65 years | Apply Now |
Top Reasons to Purchase in Life Insurance in 2025
Here are some important reasons why its is beneficial to purchase life insurance in 2025
- 01
Financial Security for Family
Make sure your family is financially protected if you're not around.
- 02
Debt Protection
Pays off loans like home or personal loans if something happens to you.
- 03
Wealth Creation
ULIPs and Endowment plans help you save and grow your wealth over time.
- 04
Retirement Planning
Pension plans provide a steady income after you retire.
- 05
Inflation Protection
Your coverage increases with the rising cost of living through smart planning.
- 06
Early Purchase = Lower Premiums
Buying insurance when you’re younger means lower costs for better coverage.
- 07
Legacy Building
Helps you build a strong financial future for the next generation.
What are the Different Types of Life Insurance Policies?
Life insurance plans are mainly of two types: term insurance plans and investment plans. Let’s look at these in simple terms:
Term Insurance
Term insurance is an affordable plan that provides financial protection for your family if something happens to you. The coverage is based on the amount you pay as the premium during the policy term. There are different types of term insurance:
- 1
Pure Term Insurance Plan
This plan offers financial protection for your loved ones if something happens to you during the policy term. It only provides a death benefit and does not return any premiums if you survive the term.
- 2
Return of Premium Term Insurance
This plan gives a survival benefit if you live after the policy ends. It also returns all the premiums you pay if you survive the policy term.
- 3
Zero Cost Term Insurance
With this plan, you can leave the policy at any time and get back all the premiums you’ve paid.
- 5
Increasing Term Insurance
This plan increases your coverage over time at a set rate.
- 5
Decreasing Term Insurance
In this plan, the coverage decreases at a set rate over time.
Endowment Plans
These plans give you money in two cases - if you live through the policy term or if something happens to you during that time. In both cases, either you or your family will receive a lump sum amount.
- 1
Participating Endowment Plan
This plan gives you a sum assured along with bonuses if the company performs well. It allows you to share in the profits of the insurance company.
- 2
Non-participating Endowment Plan
This plan only gives the sum assured without any bonuses. The payout remains fixed, no matter how well the company performs.
- 3
Money Back Endowment Plan
This plan pays you a percentage of the sum assured at regular intervals during the policy term. You’ll also receive the remaining amount at the end of the term, along with any bonuses.
- 4
Retirement Plans
These plans help you save money for your life after retirement. Many companies offer retirement or pension plans at good prices to help you build a steady income for your future.
- 5
Child Plans
These are made to secure your child’s future, like for their education or other needs. Even if the policyholder passes away, the plan continues, and the remaining premium is paid by the insurance company.
Investment Plans
An investment plan is a type of life insurance where you pay money regularly, and in return, you get guaranteed returns over time. It helps you grow your money while also giving some insurance protection. Here are a few common types of investment plans:
- 1
ULIP (Unit Linked Insurance Plan)
This plan gives you two benefits - insurance and investment. Your money is invested in the market, so returns can go up or down. It's good to check how much risk you can handle before choosing this plan.
Benefits of Buying Life Insurance
Here are some life insurance benefits that you should know:
- 01
Financial Security
Life insurance helps protect your family's finances if something happens to you, like death, illness, or disability. It ensures they are financially secure in the future.
- 02
Death Benefit
If something happens to you, the insurance company will give money to your family (the nominee). They will receive the amount you are insured for, plus any bonuses that have been added over time.
- 03
Tax Benefits
You can save on taxes when you buy life insurance. The money you pay for your insurance can be claimed for tax benefits under sections 80C and 80D. There are also tax exemptions for the benefits you receive, according to current tax rules.
- 04
Riders
Riders are extra features you can add to your insurance plan, such as protection for critical illness or waiving premiums under certain conditions. These make the plan fit your needs better.
- 05
Guaranteed Returns
With life insurance, you are promised a fixed amount of money after a set period. This can help you cover expenses like loans, your child’s education, and more.
- 06
Maturity Benefits
At the end of the policy term, you may get a maturity benefit, depending on your insurance plan. Some plans return the premiums you paid throughout the policy, along with other benefits.
What are the Tax Benefits of Buying Life Insurance Policies in India
Life insurance is a helpful financial tool for people who want to secure their family's future, even if something happens to them. It offers several benefits, especially when it comes to saving on taxes. According to the Income Tax Act, 1961, you can get tax benefits for investing in life insurance under two sections: 80C and 10(10D).Section 80C
The premiums you pay for life insurance qualify for tax exemptions up to Rs. 1.5 lakh.
Section 10(10D)
Section 10(10D) gives tax exemption on the maturity amount from life insurance policies, but only under certain conditions:
What is Exempt?
Maturity amount Survival benefits Bonus received Death benefits (always tax-free)Not Exempt if
Premium exceeds the allowed percentage of the Sum Assured. ULIP policies exceed ₹2.5 lakh annual premium (for policies after Feb 2021). The policy is surrendered before the minimum lock-in period.Key Conditions for Exemption:
Policies issued on or after 1st April 2012 The annual premium should not be more than 10% of the Sum Assured.
Policies issued between 1st April 2003 and 31st March 2012 Premium should not be more than 20% of the Sum Assured.
For people with disabilities or certain diseases (Section 80U/80DDB) Premium can be up to 15% of the Sum Assured.
ULIPs issued after 1st Feb 2021 If the annual premium exceeds ₹2.5 lakhs, the maturity amount will be taxable (except in case of death).
How does Life Insurance Support You at Every Stage of Life?
Life insurance is important for protecting your financial future, whether you're just starting your career or planning for your retirement. Here are some situations where life insurance can make a big difference
When You Start Your First Job
Starting your first job brings excitement and dreams for the future. A Unit-Linked Insurance Plan (ULIP) can help you achieve your goals by providing life insurance coverage while also helping you grow your savings. It ensures that your family is financially secure if something unexpected happens.
When You Get Married
Marriage means sharing responsibilities, such as buying a house or managing finances together. A term life insurance plan provides life cover and protects your family’s financial future, ensuring that your assets are safe if the unexpected happens.
When You Become a Parent
Having children brings joy but also creates new financial needs, like paying for education and covering daily expenses. Life insurance helps secure your children's future by covering important costs, even if you're no longer around to provide for them.
When You Plan for Retirement
As you near retirement, it’s important to plan for financial security. Pension and annuity plans can provide you with regular income in your retirement years, allowing you to relax and enjoy life without worrying about money. Life insurance also ensures that you can leave a legacy for your loved ones.
Comparison of Life Insurance Plans in India
| Type of Insurance | Premium Flexibility | Payout Option | Risk Involved | Policy Duration | Suitable for |
|---|---|---|---|---|---|
| Term Life Insurance | Fixed Premium | Lump Sum | No Investment Risk | Fixed Term | Breadwinners, Self-employed, Young Individuals |
| Endowment Insurance Plans | Flexible Premium Options | Lump Sum &/or Regular Payouts | Investment Risk (depends on policy type) | Fixed Term + Maturity Benefit | Individuals seeking savings & insurance, families, and retirement planning |
| Unit-linked Insurance Plans | Flexible | Lump Sum & Periodic | Market-Linked Investment Risk | Variable Duration | Young Individuals, Parents with Dependent Kids |
| Retirement Plans | Fixed | Annuity | Low Risk | Lifetime | Senior Citizens, People with Dependent Family |
Note: Please note that these specific details may vary depending on the insurance provider and their policy offerings. Read the policy document or contact the insurance provider directly for the exact details.
Life Insurance Riders That You Should Know
- 01
Accidental Death Benefit
This rider provides extra money if the life assured passes away in an accident. It’s one of the most popular add-ons for life insurance.
- 02
Accidental Disability Benefit
This rider provides a benefit if the life assured becomes totally and permanently disabled due to an accident, making it impossible for them to work.
- 03
Terminal Illness Rider
This rider allows the life assured to receive the death benefit early if they are diagnosed with a terminal illness and have a low chance of survival.
- 04
Critical Illness Rider
This rider gives extra coverage if the life assured is diagnosed with a serious illness like cancer, heart attack, kidney failure, or stroke. It helps cover long-term medical expenses.
- 05
Premium Waiver Benefit
If the life assured dies, becomes disabled, or is diagnosed with a critical/terminal illness, this rider waives off future premiums. The specific conditions may vary by insurance provider.
- 06
Income Benefit
This rider offers monthly payments to the family of the life assured after their death. It helps maintain their standard of living even without the life assured income.
- 07
Daily Hospital Cash Benefit
If the life assured is hospitalized, this rider provides a fixed daily amount to help cover hospital costs based on daily expenses.
Things You Must Know About Life Insurance
It Doesn't Put a Price on Life
Life insurance doesn’t give a deal to a person’s life. It simply offers financial support to your family if something happens to you during the policy period. You choose the cover amount based on your needs and budget.
Different Types of Life Insurance Plans
There are many types of life insurance plans like Term, ULIP, Endowment, Money Back, Retirement, Child, and Whole Life. Each serves a different purpose, so pick one that matches your goals and budget.
Premium Depends on Many Things
Your premium depends on factors like age, health, lifestyle habits (like smoking), job, and cover amount. The younger you are, the lower your premium usually is. So it’s better to buy early.
Some Plans Help You Invest Too
Certain plans offer both life cover and investment. A part of your premium goes towards market-linked funds, and returns depend on how the funds perform.
You Can Save Tax
Premiums you pay for life insurance are tax-free under Sections 80C and 10(10D) of the Income Tax Act. You can save up to ₹1.5 lakhs in a year.
You Can Add Extra Benefits (Riders)
You can increase your coverage with riders like critical illness, accidental death, or waiver of premium by paying a little extra. These add extra protection to your basic policy.
Top Life Insurance Companies in India (2025)
| Life Insurance Company | Claim Settlement Ratio 2022-23 | |
|---|---|---|
| Bandhan Life Insurance | 99.66% | Check Premium |
| Axis Max Life Insurance | 99.35% | Check Premium |
| Bharti Axa Life Insurance | 99.05% | Check Premium |
| Life Insurance Corporation of India (LIC) | 98.62% | Check Premium |
| Dhfl Pramerica Life Insurance | 98.61% | Check Premium |
| Exide Life Insurance | 98.54% | Check Premium |
| Kotak Life Insurance | 98.50% | Check Premium |
| Reliance Life Insurance | 98.49% | Check Premium |
| Bajaj Allianz Life Insurance | 98.48% | Check Premium |
| PNB MetLife Insurance | 98.17% | Check Premium |
| Aditya Birla Sun Life Insurance | 98.04% | Check Premium |
| Tata AIA Life Insurance | 98.02% | Check Premium |
What Affects Your Life Insurance Premium?
Before purchasing any life insurance plan, it's important to consider the factors that affect life insurance premiums. Here are some of themAge
Younger individuals tend to pay lower premiums, as they have a longer life expectancy. Older individuals usually face higher premiums because they are considered higher risk.
Gender
Gender also plays a vital role in deciding the premium of your life insurance policy. As the mortality rate of mens is higher, womens can get the additional discounts on premium.
Policy Tenure
Buying a life insurance policy with a longer duration can sometimes qualify you for discounts, as insurance companies prefer long-term contracts.
Lifestyle
If you smoke or drink, your premium will likely be higher due to the increased risk of health problems. A healthier lifestyle can help lower your premium.
Type of Life Insurance
The type of policy you choose will affect your premium. Term insurance typically has a lower premium, while plans like ULIPs or endowment plans, which have higher risks, may come with higher premiums.
Profession
If you work in a high-risk job, such as mining or in a war-prone area, your premiums will likely be higher due to the increased danger involved in your work.
Simple Tips to Save on Life Insurance Premiums
Here are some easy tips to help you save money on your premiums
Choose Long-Term Insurance
Buying life insurance for a longer term can sometimes lower premiums. But only choose a long-term policy if it matches your financial goals.
Think About What You Need
There are different types of life insurance like term life, whole life, ULIP, and more. Term life is usually cheaper than other plans. Choose the plan that fits your needs and budget.
Buy Life Insurance Early
When you’re younger, life insurance costs less because you are healthier. Buying early can help you save money on premiums.
Pick Add-Ons Carefully
Add-ons, or riders, are extra features you can add to your plan. They can make your coverage better but also cost more. Choose only the add-ons that you really need.
Stay Healthy
Your health affects your premiums. If you stay healthy, exercise, and manage health conditions, you may pay lower premiums. Some insurance companies even offer discounts for regular health check-ups.
Compare Plans
Before buying life insurance, compare different plans. There are many options, so make sure you understand what each plan offers and pick the one that’s right for you.
Payout Options Available in Life Insurance
| Payout Options | Description | Who It Helps |
|---|---|---|
| Lump Sum Payout | Single payment of the full sum, helps pay off loans or debts. | Beneficiaries needing immediate funds. |
| Monthly Income Payout | Pays monthly amount to replace income in your absence. | Families needing regular income. |
| Increasing Monthly Income | Pays monthly installments with an increasing amount each year. | Families need growing monthly support over time. |
| Lump Sum + Monthly Income | Pays part of the amount as lump sum, the rest in monthly installments. | Families needing both immediate and regular funds. |
How to Choose the Best Life Insurance Policy in India?
Choosing the right life insurance policy can be tough because there are many options available. Here are some simple tips to help you make the right choice:
Know What Type of Policy You Need
Compare Different Plans
Read Customer Reviews
Decide the Coverage Amount (Sum Assured)
Look for Extra Benefits (Add-ons)
Check the Claim Settlement Ratio
Why You Should Buy Life Insurance Online?
Buying life insurance online can be easy, but if it's your first time, you might have some questions. Here are a few reasons why buying online is better than buying it offline
Convenient
You can buy life insurance from the comfort of your home, anytime you want, without needing to visit an office.
Easy and Quick Comparison
Online, you can compare different insurance plans easily and quickly. This helps you find the best plan at the best price.
Freedom to Choose the Desired Plan
You can browse through many options and choose the plan that fits your needs, without pressure from agents.
Secure Payments
Online payments are safe and secure, so you don’t have to worry about sharing your payment details.
Save Time
Buying online saves you time because you don’t need to wait for meetings or paperwork.
Access to Detailed Information
You can read all the details about the plan online, such as coverage, benefits, and terms, helping you make a better decision.
No Hidden Costs
Online policies often have fewer or no hidden fees because you deal directly with the insurance company, not through agents.
Quick Processing
Your application and payments are processed faster online, so you can get your coverage quickly.
Important Things to Think About When Buying Life Insurance Online
Buying a life insurance plan is an important decision. Here are some simple things you should check before choosing a plan:
1. Risk Level
Some plans like ULIPs can go up and down based on the market. If you don’t like taking risks, choose a plan with low or no risk.
2. Flexibility
Some plans let you choose how to pay premiums – monthly, yearly, or in one go. You can also decide how you or your family will get the money – all at once or in parts. Pick what works best for you.
3. Affordability
Check your budget and see how much premium you can pay easily. Term plans usually cost less, while whole life plans may cost more. Choose what fits your budget.
4. Type of Coverage
Think about why you need life insurance. Do you want only life protection, or do you also want to save or invest money? If you want both, look for plans that give life cover and also help you grow your money.
5. Policy Duration
Decide how long you want the insurance. If you want it for a short time, a term plan is good. If you want it for your whole life, go for a whole life plan.
6. Company Trust
Buy your plan from a company that is well-known and trusted. Check if they have good reviews and settle claims on time.
Types of Deaths Not Covered in Life Insurance
Death due to Suicide
If the death is due to suicide or self-harm, it is not covered within a certain time after the policy starts or is revived.
Death due to Homicide
If the nominee is involved in the death (homicide), it may not be covered.
Death due to Criminal or High-Risk Activities
Deaths due to criminal activities or involvement in dangerous sports are not covered.
Death due to Intoxication
Deaths due to alcohol or drug overdose, or driving under the influence, are not covered.
Death due to War and Terrorsim
Deaths due to war or Terrorsim are also not covered.
Documents Needed for Purchasing a Life Insurance Policy
- 01
KYC Documents
Aadhaar card and PAN card (mandatory), driving license, etc.
- 02
Address Proof
Passport, Aadhaar card, driving license, etc.
- 03
Income Proof
Salary slips, bank statement, ITR filing receipts, etc
- 04
Medical Reports
If you have any health issues, you may need to share your medical reports.
Note: For a savings plan, you don’t need to give any medical reports.
How To Buy Life Insurance With Square Insurance?
Buying life insurance with Square Insurance is very easy. Just follow these simple steps
- 01
Visit the Website
Go to the official Square Insurance website and click on the “Life Insurance” option from the homepage.
- 02
Enter Basic Details
Choose your gender, enter your date of birth and area pin code, then click on “Continue”.
- 03
Fill Personal Information
Enter your name, mobile number, and email ID in the form, and click “Continue” again.
- 04
Tobacco Usage
Select “Yes” if you use tobacco, or “No” if you don’t, then continue.
- 05
View Plans
You’ll now see a list of life insurance plans from different companies. Go through the options and choose the one that suits your needs.
- 06
Customize Plan
Adjust your coverage amount (sum assured) and policy term as per your preference.
- 07
Make Payment
Proceed to payment using net banking or your debit/credit card.
- 08
Receive Policy
Once the payment is done, your policy document will be sent to your email.
Documents Required When You File a Life Insurance Claim
In case you lose your car insurance policy documents, you can also download a policy copy from Square Insurance brokers by following these simple steps:
- 1
Death Certificate of the life assured
- 2
KYC document of the nominee
- 3
Bank account details of the nominee.
- 4
FIR report in case of accident.
- 5
Other documents required by the insurance company.
Easy Ways to File a Life Insurance Claim
If you need to make a claim on a life insurance policy, here are three simple ways to do it:
- 1
Online
Visit the official website of your insurance company. Log in with your email ID or policy number. Fill out the claim form and upload the required documents. You also need to submit the hard copies of the in the branch for verification. The company will review and approve the claim, then process your payout.
- 2
At the Branch Office
You can go to the nearest branch of your insurance company. Fill in the claim form and submit all necessary documents in person.
- 3
By SMS or Call
Some companies let you inform them about your claim through SMS or a phone call. Just send a message or call the customer service number provided by your insurer.
Terms you need to know about Life Insurance
- 1
Policy Term
This is the time your life insurance plan will protect you. You can choose how long you want the plan to last when you buy it.
- 2
Premium Payment Term
It is the amount of time you need to pay premiums for your policy. It could be for a certain number of years, or until you reach a certain age. After this period, you don’t need to pay anymore, but your coverage continues.
- 3
Death Benefits
This is the money the insurance company gives to your family or chosen person if you pass away during the policy period. It is also called the "sum assured."
- 4
Maturity Benefits
This is the money you get if you stay alive till the end of the policy. It’s also called the "survival benefit." The insurance company pays this at the end of the plan.
- 5
Riders
These are extra features you can add to your plan to get more benefits. Some common ones include:
Accidental death cover Cover for permanent disability Waiver of Premiums
- 6
Nominee(s)
This is the person (or people) you choose to receive the money if you die during the policy period.
- 7
Proposer
The person who applies for the life insurance policy. For example, if a father buys a policy for his son, the father is the proposer, and the son is the life assured.
- 8
Policyholder/Life Assured
This is the person who buys the insurance plan and pays the money (premium) for it. If you buy the plan, you are the policyholder.
Why Choose Square Insurance For Life Insurance?
Compare Different Plans in One Place
Square Insurance lets you easily compare different life insurance plans in one place, making it simpler to find the best option for your needs and budget.
Affordable Plans for Everyone
Square Insurance provides life insurance plans that are affordable, helping you find coverage that fits your budget while keeping you and your family protected.
Tailored Coverage Options
You can adjust your life insurance coverage with Square Insurance to make sure it meets your specific needs, whether you're looking for basic or complete protection.
Quick and Easy Application
Getting life insurance is fast and simple with Square Insurance. You can apply online and get the coverage you need without any trouble.
Friendly Customer Service
Square Insurance offers friendly customer service, so you can get help whenever you have questions or need assistance with your insurance.
Reliable and Trusted
Square Insurance is known for being reliable and trustworthy, so you can feel confident that you’re making the right choice for your life insurance.
FAQs
Life insurance is a contract where you pay a regular amount (called a premium) to an insurance company. In return, the company promises to pay a lump sum of money to your family or loved ones if you pass away.
The three main types of life insurance are:
- Term Life Insurance
- Endowment Plans
- Investment Plans
In life insurance, the "3-year rule" means that the insurance company cannot deny a claim after three years from when the policy starts, unless they can prove fraud or that important information was hidden.
80C is a section in the Income Tax Act that allows you to claim tax deductions on life insurance premiums paid, up to a certain limit.
10(10D) is a section that exempts the payout from life insurance from tax if the policy has been in force for at least 2 years.
Life insurance is great because it provides financial security to your family if something happens to you. It ensures that your loved ones will be taken care of, even if you're no longer around.