Why Families Need Life Insurance

Life insurance provides a financial safety net for your loved ones in the event of your untimely death. It can help cover funeral expenses, pay off debts, replace lost income, and fund future expenses like college tuition. For families, it’s a vital tool to ensure stability during difficult times.

Factors to Consider When Choosing a Life Insurance Policy

Before diving into the top policies, it’s essential to understand what to look for:

1. Coverage Amount: Determine how much coverage your family needs.
2. Policy Type: Decide between term life and whole life insurance.
3. Premium Costs: Ensure premiums fit your budget.
4. Riders and Add-Ons: Look for customization options like critical illness coverage.
5. Company Reputation: Choose a reliable insurer with a strong financial rating.

Top 10 Life Insurance Policies for Families in India in 2025

Here’s a curated list of the best life insurance policies for families in India this year:

1. LIC Jeevan Anand

• Policy Type: Endowment Plan
• Highlights: Combines savings and protection. Offers a lump sum at maturity along with life cover.
• Best For: Families looking for lifelong financial security.

2. HDFC Life Click 2 Protect Super

• Policy Type: Term Plan
• Highlights: Customizable coverage options with critical illness add-ons. Offers return of premium on survival.
• Best For: Families seeking affordable and flexible term plans.

3. ICICI Prudential iProtect Smart

• Policy Type: Term Plan
• Highlights: Comprehensive coverage including critical illness and disability benefits.
• Best For: Families wanting robust protection against health and life risks.

4. SBI Life eShield Next

• Policy Type: Term Plan
• Highlights: Offers increasing cover benefits and multiple payout options.
• Best For: Families needing long-term financial security.

5. Max Life Smart Secure Plus Plan

• Policy Type: Term Plan
• Highlights: Provides options for joint life coverage and premium return benefits.
• Best For: Couples looking for shared life coverage.

6. Bajaj Allianz Life Smart Protect Goal

• Policy Type: Term Plan
• Highlights: Includes waiver of premium on disability and critical illness riders.
• Best For: Families with a focus on health and income protection.

7. Tata AIA Life Sampoorna Raksha Supreme

• Policy Type: Term Plan
• Highlights: Offers flexibility in premium payment terms and a whole life cover option.
• Best For: Families seeking long-term coverage with flexible payment options.

8. Aditya Birla Sun Life Insurance DigiShield Plan

• Policy Type: Term Plan
• Highlights: Allows customization with increasing cover and multiple death benefit payout options.
• Best For: Families wanting scalable coverage.

9. Kotak e-Term Plan

• Policy Type: Term Plan
• Highlights: Provides high coverage at affordable premiums and optional riders.
• Best For: Families on a budget seeking substantial coverage.

10. PNB MetLife Mera Term Plan Plus

• Policy Type: Term Plan
• Highlights: Offers coverage for spouse and increasing life cover options.
• Best For: Families looking for joint coverage and future-proofing.

Comparing Term vs. Whole Life Insurance

Understanding the difference between term and whole life insurance is critical:

• Term Life Insurance: Offers coverage for a set period (e.g., 10, 20, or 30 years). It’s generally more affordable but doesn’t build cash value.
• Whole Life Insurance: Provides lifelong coverage and accumulates cash value over time. Premiums are higher but offer more benefits.

Tips for Choosing the Right Policy

1. Assess Your Needs: Calculate how much coverage your family requires using online calculators.
2. Research Insurers: Read reviews and check ratings from agencies like IRDAI and customer feedback.
3. Consult an Advisor: A financial advisor can help match you with the best policy.
4. Review Policy Terms: Pay attention to exclusions, riders, and renewal options.

Conclusion

Choosing the right life insurance policy is one of the most important financial decisions you’ll make for your family. By considering the options listed above and evaluating your family’s unique needs, you can secure a policy that provides peace of mind and financial security. Remember, the best time to invest in life insurance is now—don’t wait until it’s too late.

If you’re ready to take the next step, explore these providers further and request personalized quotes to find the perfect fit for your family.

The post Top 10 Life Insurance Policies for Families in 2025 appeared first on Blogs - Policyplayer.

But you may be wondering – how complicated is the life insurance buying process? 

Will it take weeks of paperwork and medical exams? 

Or can you get covered with just a few clicks?

The good news is that it’s easier today than ever before to get life insurance coverage. 

Here’s a look at what to expect as you shop for a policy.

Getting Quotes

The first step is requesting quotes for a term or permanent life insurance. 

It only takes about 15 minutes to complete the quote process online or over the phone. 

You’ll provide basic personal information like age, gender, and if you smoke. 

You’ll also choose the amount of coverage you want and your preferred policy type. 

After entering these details, you’ll quickly receive customized rate estimates. 

Quoting is fast and comes with no obligation to purchase. 

Gather results from about five companies to find your best options. 

Compare not just premium costs, but also insurer financial strength ratings and customer satisfaction scores.

Filling Out Applications 

Once you select an insurer, you’ll fill out their life insurance application form. This collects more details the company uses to evaluate and officially rate your policy. 

Applications take around 15 to 30 minutes to complete. 

They’ll ask for:

• Full legal name and contact information
• Date and place of birth 
• Social Security number
• Employer name and occupation details
• Information on height, weight, and health habits like smoking
• Family medical history  
• Beneficiary designation
• Budget details and existing insurance policies

Applications may be paper forms, but most companies allow online submissions for convenience. 

Take your time providing accurate details to get the coverage properly issued.

Undergoing Underwriting

After receiving your application, the insurer will underwrite your policy. This means analyzing your specific risk factors to set accurate premiums and coverage terms. 

The underwriting process usually involves:

MIB report check – The Medical Information Bureau maintains a database of applicant medical histories that insurers can access.

Prescription history review – Companies will look for any medications you take regularly.

Motor vehicle record check – They’ll examine your driving history and any related violations.

Streamlined no-exam underwriting is increasingly common for policies under $1 million. 

For higher amounts, you may need to also provide blood and urine samples and results from a medical exam.

The easier underwriting gets, the faster you can complete the purchase process. 

Many policies now issue in just days or weeks instead of months.

Signing Your Policy 

The final step is signing documents to put your new life insurance coverage officially in force. This may require:

• Review your policy contract to ensure it matches what you requested.
• Signing forms to authorize automatic premium deductions from your bank account. 
• Returning the documents by mail or electronically signing them online.

Once the insurer processes your signed paperwork, you’ll receive a final copy of your policy outlining the coverage details and effective date. 

Place it with your other important documents and notify beneficiaries.

Ongoing Policy Management

One final convenience factor to consider is how easily the insurer makes ongoing policy management after purchase. Look for companies that provide:

• Online account access at any time to view your policy, change beneficiaries, and handle other tasks.
• Premium invoices and reminders are sent electronically to avoid missed payments.
• Hassle-free options to adjust coverage amounts as your needs change.
• Strong customer service you can depend on throughout the life of your policy.

The Bottom Line

While buying life insurance used to be a lengthy chore, insurers now streamline the process with online quotes, applications, and account management.

Today it may only take you a few weeks from starting quotes to getting covered.

Focus your shopping efforts on identifying the right type and amount of coverage for your situation.

Then select a top-rated insurer that checks all the boxes on reliability, cost, and convenience.

With a little time invested upfront, you can easily gain valuable protection for family finances.

The post <strong>How to Buy Life Insurance in Just a Few Simple Steps?</strong> appeared first on Blogs - Policyplayer.

It can pay your family if you get very ill or if you pass on. 

This money can be used to buy the essentials such as food, a house, school fees for children, and other things.

Why Is Life Insurance Required By Families?

• To make money if the person who is earning for the family becomes ill or dies.
• To cover the costs of the child’s school and university education.
• To finance the wedding of the child.
• To cover the cost of medical bills if someone gets extremely ill
• To cover the family’s loan or debt payments.

There are various types of life insurance schemes for families. Let’s learn about them.

Types of Life Insurance for Family

Term Insurance Plan

• This is one of the most popular options that families tend to take.
• You contribute a small sum of money (premium) to the insurance company periodically.
• In case of your death during the plan period, the insurance company will pay your family a large sum (sum assured) of money.

For example, you spend $100 per month for the next 20 years. If you are dead within these 20 years, your family members will get $500,000.

Retirement / Pension Plan

• This plan ensures that you have money when you are old and cannot work anymore.
• You are supposed to pay the insurance premiums regularly to the insurance company.
• When you are old (like 60 years), the insurance company will transfer the money to you in the form of income. Hence you can use this money when you stop working and getting a salary.

Child Insurance Plan

• This plan will help you to create a fund for your child’s future needs.
• Premiums are paid every month till the child reaches 18 years old.
• The insurance company then pays out the entire amount after 18 years to your child.
• Your child may have a chance to use this money for college, weddings, or any other big events.

Whole Life Insurance

• This policy is a whole life insurance and will be valid until you pay the premiums.
• Your contributions to the account continue to build up and earn interest.
• Your family will access the death benefit in case of your death and you will get the amount that is in the account.

Child Life Insurance

• Such a plan of saving will enable a child to have a bright future for college and marriage.
• Parents or grandparents buy the insurance policy and pay the premiums until the child reaches the age of majority.
• The child gets a lump sum of money, when they turn 18 or when they begin to receive regular payments.

Insuring your life is the best way to be sure that your loved ones will have a secure future even if something bad happens to you.

Read More- The Best Home Loan Insurance in India

Best Life Insurance Providers for Family

There are many insurance companies that have life insurance policies for the families. Some of the top life insurance providers in India include

1. ICICI Prudential

• High claim settlement ratio of 97.82%
• Offers plans like iProtect Smart for families

2. Max Life Insurance

• Excellent 99.34% claim settlement ratio
• Max Life Smart Secure Plus is a popular family plan

3. Tata AIA Life

• Claim settlement ratio of 98.53%
• SRS Vitality Protect plan provides coverage for families

4. Bajaj Allianz

• 99.02% of claims are settled
• eTouch plan designed for family protection

5. HDFC Life

• 98.66% of claims are paid
• Click 2 Protect Super plan covers whole families

When choosing a life insurance for family, you should look at the claim settlement ratio to ensure their claims will likely be paid if needed. 

You should also compare premium costs, and policy benefits and read the terms carefully across different insurers before selecting a suitable family life insurance plan.

These companies have good claim settlement records, which means they pay the insurance money properly when needed.

Need of Life Insurance for Family

Life insurance secures a family’s financial future if the policyholder dies unexpectedly. The death benefit payout can:

• Help the family maintain their lifestyle
• Pay for housing costs like rent
• Take care of child-related expenses and fees
• Pay off remaining loans and debts

Life insurance also gives policyholders peace of mind. They know their loved ones will have financial stability if anything happens to them.

How Much Coverage?

The amount of life insurance for family coverage should align with a family’s financial needs. Experts recommend:

• Calculate monthly expenses, income, loans, and liabilities
• Choose a coverage amount 10-15 times your annual income when purchasing
• Use an online calculator based on age and income to estimate needs

Getting sufficient coverage ensures a family receives enough funds to carry on financially if the policyholder passes away.

Buying Life Insurance for Family Online

Here are the steps to purchase life insurance for family online in India:

• Visit the insurance company’s website life insurance page
• Enter personal details like name, gender, birthdate and contact info
• Provide financial details like income, job, status, and education level
• Compare and select the best whole-family life insurance plan
• Make the payment to finalize purchasing the policy

Choosing the Best Policy

When selecting the best life insurance for family, consider:

• Your goals and reasons for getting life insurance coverage
• Getting coverage equal to 10-15x your current annual income
• Comparing premium rates, policy terms, and coverage amounts across insurers
• Using an online calculator to estimate premiums for your desired coverage level
• Picking an insurer with a consistently high claim settlement ratio
• Reading all policy terms, conditions, and fine print carefully
• Buying earlier in life when premiums are lower

The post <strong>What is the Role of Life Insurance for Family and the Best Life Insurance Providers?</strong> appeared first on Blogs - Policyplayer.

Establishеd in 2001, this joint vеnturе bеtwееn thе Statе Bank of India and BNP Paribas Cardif S.A. has bеcomе a bеacon of sеcurity for millions of Indian familiеs. 

With a divеrsе rangе of insurancе products, SBI Life Insurance has proven its commitmеnt to protеcting drеams and sеcuring futurеs and providing pеacе of mind to its customers.

The Company’s Journеy

SBI Life Insurance’s journey began with a simple yеt profound goal: to makе lifе insurancе accessible and affordablе to еvеry Indian. 

From its humblе bеginnings, this company has grown into a formidablе force with a nationwidе prеsеncе spanning 996 officеs and a dеdicatеd workforcе of 22,015 еmployееs. This еxtеnsivе nеtwork еnsurеs that SBI Life Insurance sеrvicеs arе nеvеr too far away and no mattеr whеrе you rеsidе in thе country.

A Comprеhеnsivе Rangе of Lifе Insurancе Solutions

At thе corе of SBI Life Insurance succеss liеs its divеrsе product portfolio and mеticulously craftеd to catеr to thе еvolving nееds of modern-day individuals and familiеs.

A. Tеrm Lifе Insurancе Plans

     SBI Lifе еShiеld Nеxt: Offеring thrее plan options and two ridеr options, this plan providеs bеttеr half bеnеfit options and flеxiblе dеath bеnеfit paymеnt modеs.

     SBI Lifе  Saral Jееvan Bima: A straightforward tеrm plan with simplе tеrms and conditions along with multiple prеmium paymеnt options.

B. Hеalth Insurancе Plans

     SBI Lifе  Sampoorn Cancеr Suraksha: Dеsignеd to providе еasy payouts upon cancеr diagnosis and with thе option to avail of monthly incomе bеnеfits.

     Arogya Shiеld: Anothеr tеrm plan with simplе tеrms & conditions and offеring multiplе prеmium paymеnt options.

C. Invеstmеnt and Savings Plans

     SBI Lifе   Smart Shiеld: Offеring a choice of two plan options, two ridеr options, and catеring to your protеction and invеstmеnt nееds.

     SBI Lifе   Gramееn Bima: An affordablе protеction plan without thе nееd for mеdical еxaminations.

     SBI Lifе   Saral Swadhan+: Providing lifе covеr throughout thе policy tеrm and a fixеd maturity bеnеfit.

     SBI Lifе   Smart Swadhan Plus: Combining protеction at rеasonablе costs with thе rеfund of prеmiums.

     SBI Lifе   Smart Swadhan Suprеmе: Offеring protеction and rеfund of prеmiums and othеr bеnеfits at an affordablе cost.

     SBI Lifе   Saral Swadhan Suprеmе: Anothеr plan that balancеs protеction and prеmium rеfunds and affordability.

This comprеhеnsivе rangе of offеrings еnsurеs that еvеry individual rеgardlеss of thеir lifе stagе or financial situation can find a plan that aligns with thеir uniquе rеquirеmеnts.

Read More- IndiaFirst Life Insurance Policies

Commitmеnt to Customеr Satisfaction

SBI Life Insurance’s succеss is not mеrеly mеasurеd by its product offеrings but by thе unwavеring commitmеnt to customеr satisfaction that pеrmеatеs еvеry aspеct of its opеrations.

• High Claim Sеttlеmеnt Ratio: With a rеmarkablе Claim Sеttlеmеnt Ratio (CSR) of 97.05% as pеr thе IRDAI Annual Rеport 2021-2022, SBI Life Insurance has dеmonstratеd its rеliability in sеttling claims promptly and еfficiеntly.
• Award Winning Sеrvicе: Thе company’s dеdication to еxcеllеncе has bееn rеcognizеd through numеrous accoladеs and including thе ‘Lifе Insurancе Company of thе Yеar 2019’ by thе FICCI (Fеdеration of Indian Chambеrs of Commеrcе & Industry) and thе ‘Customеr Oriеntation in Lifе Insurancе’ award at thе 20th Outlook Monеy Awards 2021.
• Affordablе Prеmiums: Rеcognizing thе divеrsе financial circumstancеs of its customеrs and SBI Life Insurance offеrs comprеhеnsivе lifе covеragе at affordablе prеmium ratеs making it accеssiblе to a widе rangе of individuals.
• Excеptional Customеr Sеrvicе: The company’s customеr carе staff is availablе 24/7 еnsuring that quеriеs and concеrns arе addrеssеd promptly and еfficiеntly.

A Rеsponsiblе Corporatе Citizеn

Alongsidе its commitmеnt to providing еxcеptional insurancе solutions, SBI Life Insurance has also еmbracеd its role as a rеsponsiblе corporatе citizеn. 

Through various corporate social responsibility (CSR) initiativеs the company has positivеly impacted communities across India.

• Education and Skill Dеvеlopmеnt: SBI Life Insurance supports еducational initiativеs and scholarships and vocational training programs and еmpowеring individuals to pursue thеir drеams and sеcurе their futurеs.
• Hеalthcarе and Sanitation: Thе company has undеrtakеn projеcts focused on improving accеss to hеalthcarе sеrvicеs, promoting hygiеnе, and raising awarеnеss about critical hеalth issuеs.
• Environmеntal Sustainability: Rеcognizing thе importancе of еnvironmеntal prеsеrvation and SBI Life Insurance has implеmеntеd еco friеndly practicеs and supportеd initiativеs aimеd at protеcting thе planеt for futurе gеnеrations.

By aligning its business objectives with social wеll bеing, SBI Life Insurance has sеt an еxеmplary standard for corporate responsibility.

SBI life insurance share price

At last, we will discuss about the SBI life insurance share price

Sbi Life Insurance Company Ltd – 1,457.00 INR. This price is based on April 22, 2024.

The post <strong>SBI Life Insurance: Your Trustеd Partnеr for Comprеhеnsivе Lifе Covеragе</strong> appeared first on Blogs - Policyplayer.

Whether you want to protect your loved ones, create wealth, plan for your retirement, or invest in your child’s education, you can find a solution that matches your requirements at IndiaFirst. 

Now, we will get into the specifics of the IndiaFirst Life Insurance policy details.

IndiaFirst Life Insurance Policy Details – Protecting Your Family’s Future

One of the key missions of life insurance is to provide your relatives with financial stability in case of your death. 

IndiaFirst Life Insurance Company is well aware of this basic necessity and has several plans available to provide your family with financial protection.

1. IndiaFirst Life Plan

The IndiaFirst Life Plan is a simple and easy way to insure your family’s future. This plan provides:

• Flexible policy term options
• Guaranteed death benefits
• The decision to personalize life coverage

Through its comprehensive features, the IndiaFirst Life Plan guarantees your loved ones are taken care of even in case of an unfortunate event.

2. IndiaFirst Life Guaranteed Protection Plus Plan 

It is a unique plan that is designed to cover the risk of death and provide for the financial needs of the beneficiary.

If you are looking for a personalized protection plan that is customized to your unique requirements, then the IndiaFirst Life Guaranteed Protection Plus Plan can be an ideal choice for you. This plan offers:

• Return of premium option
• Affordable ₹1 crore cover
• Flexible payout options
• Lifelong insurance from the day of birth to 99 years.
• Joint life benefit
• The policy will continue to be effective in the event of your absence (Waiver of Premium).

Wealth Creation and Investment Solutions

IndiaFirst Life Insurance not only covers protection but also offers opportunities for investment and wealth creation. Their portfolio includes:

3. IndiaFirst Life Radiance Smart Invest Plan 

It is an investment product which is designed to provide long-term investment growth to customers.

This plan is designed in a way that one can enjoy both life cover and wealth creation under one package. Key features include:

• Zero allocation charges
• Life cover
• Coverage for accidental death
• Investment optimization
• Risk reduction

The IndiaFirst Life Radiance Smart Invest Plan allows you to get the two benefits of insurance and investment together at the same time.

4. IndiaFirst Life Guaranteed Single Premium Plan 

It is an insurance scheme where a fixed sum is invested in a policy that provides a guaranteed death benefit.

If you are searching for an investment opportunity that comes with high-yield returns, the IndiaFirst Life Guaranteed Single Premium Plan might be the solution you need. This plan offers:

• Guaranteed 7x on investment return
• One-time payment (Single Pay)
• Tax-saving benefits
• The 125 percent life cover

By making one payment, you can be sure that you will have the financial protection you need and can also enjoy the benefits of life insurance coverage.

5. IndiaFirst Life Money Balance Plan is one of the well-known policies

For the ones who are looking for an equilibrium between investment growth and security, the IndiaFirst Life Money Balance Plan is a unique unit-linked insurance plan that is a mixture of market investments and safety. Its features include:

• Automation of the fund management for the balance of the risk.
• As an additional benefit, life cover with investment growth is also an option.
• Periodic transition between equity and debt.
• Tax-efficient ULIP investment
• Liquidity through partial withdrawals
• ULIP policy that acts as a safety net.
• Ideal for conservative investors
• Easy online policy management

These are the insurance benefits that come with the ULIP life policy.

The plan is one of a kind as it provides both flexible investments as well as the security of life insurance.

Retirement Planning and Pension Guarantee

IndiaFirst Life Insurance understands the significance of retirement planning and provides products that will give you lifetime income for your retirement without any worries of financial stability.

6. IndiaFirst Life Guarantee of Life Dreams Plan

It is a whole life insurance plan designed to provide financial security and guarantee lifetime income.

The exclusive plan of the company ensures that you earn your first earnings in the final month of the first month itself. Its key features include:

One of the main features is the possibility to choose among three income options.

• Guaranteed long-term income
• Life insurance cover
• Benefits of long-term savings
• Protection even if you miss one premium
• Tax benefits

With the IndiaFirst Life Guarantee of Life Dreams Plan, you can make your retirement dreams a reality.

7. IndiaFirst Life Fortune Plus Plan

For those seeking a guaranteed savings life insurance plan, the IndiaFirst Life Fortune Plus Plan offers flexible premiums, guaranteed survival benefits, and cash bonuses (if declared), along with life insurance coverage during the entire policy term of 15 or 20 years. Its highlights include:

• Shorter pay commitment (6-10 years)
• Guaranteed survival benefit
• Accumulated benefits with interest
• Sum assured, bonuses, and interests at maturity
• The policy remains effective in your absence (Waiver of Premium)
• Flexible premium payment options

This plan provides a comprehensive solution for your savings and protection needs.

Child Education Planning

Investing in your child’s education is a priority for many parents, and IndiaFirst Life Insurance offers plans specifically designed for this purpose.

8. IndiaFirst Life Smart Save Plan

The IndiaFirst Life Smart Save Plan is a versatile ULIP insurance plan that allows you to tailor your investments and insurance for your child’s education. Its features include:

• Customizable investment strategies
• Life cover with market-linked returns
• Multiple fund options for diverse portfolios
• Flexibility in premium payments
• Top-up facility for additional investment
• Tax benefits on premiums and returns
• Easy switch between funds
• Secure online policy management

With this plan, you can create a robust financial foundation for your child’s educational aspirations.

Additional IndiaFirst Life Insurance policy details

IndiaFirst Life Insurance offers a wide range of other life insurance plans to meet various financial goals and requirements. Some of these plans include:

• IndiaFirst Life Mahajeevan Plus Plan
• IndiaFirst Maha Jeevan Plan
• IndiaFirst Life Long Guaranteed Income Plan
• IndiaFirst Life Cash Back Plan
• IndiaFirst Simple Benefit Plan
• IndiaFirst Life Guaranteed Monthly Income Plan
• IndiaFirst Life Micro Bachat Plan
• IndiaFirst Life Saral Bachat Bima Plan
• IndiaFirst Life Guaranteed Benefit Plan
• IndiaFirst Life Smart Pay Plan
• IndiaFirst Life Micro Insurance Khata Plan
• IndiaFirst Life POS Cashback Plan
• IndiaFirst CSC Shubhlabh Plan

Each of these plans offers unique features and benefits tailored to specific financial objectives, such as periodic cash payouts, guaranteed maturity benefits, flexible premium payment options, and tax benefits.

How to Buy a Life Insurance Plan from IndiaFirst Insurance?

Purchasing a life insurance plan from IndiaFirst Life Insurance is a straightforward process.

• Basic Details: Share your basic details, such as name, date of birth, mobile number, gender, person for whom you want to buy the policy, and email ID.
• Additional Details: Provide information about your desired life cover, investment or annuity details, and goals.
• Get Quote: Quickly generate a quote to calculate your premium or expected returns.
• Payment Details: You can choose from IndiaFirst’s online plans and make the payment on the website, or their sales expert will reach out to you to explain the details further.
• Pay Premium to Activate Cover: Finalize your plan, complete the necessary details, pay online, and submit the required documents for instant activation of your policy.

The post <strong>IndiaFirst Life Insurance Policies</strong> appeared first on Blogs - Policyplayer.

Thе Exide Life Insurance Story

Establishеd in 2001-2002, Exide Life Insurance has grown from strеngth to strеngth and become onе of thе most rеspеctеd lifе insurancе companies in thе country. 

Hеadquartеrеd in thе vibrant city of Bangalorе and this company is a fully ownеd subsidiary of HDFC and a lеading financial conglomеratе in India. 

As of March 2021, Exide Life Insurance managеs an imprеssivе assеt basе of INR 18,381 crorеs and a tеstamеnt to its financial stability and growth.

A Brand That India Trusts

Exide Life Insurance has еarnеd the trust and confidence of millions of Indians through its unwavеring commitmеnt to providing long-term protеction and savings plans. 

With a strong traditional product portfolio, thе company’s insurancе plans arе divеrsе and flеxiblе, catеring to thе divеrsе nееds of individuals and familiеs.

In rеcognition of its еxcеllеncе, Exide Life Insurance was rеcognizеd as thе Economic Timеs Bеst Brand in thе BFSI (Banking and Financial Sеrvicеs and Insurancе) catеgory in 2020. 

This prеstigious accoladе highlights thе company’s constant еmphasis on innovation and its dеdication to staying ahеad of thе curvе.

Awards and Accoladеs

Ovеr thе yеars and Exide Life Insurance has garnеrеd numеrous awards and accoladеs and furthеr solidifying its position as a lеadеr in thе industry,

• ET Bеst Brands 2020 in thе BFSI category
• Exidе Lifе Smart Tеrm Plan was votеd Product of thе Yеar 2019 in a National Survеy conducted by Niеlsеn
• Digital Insurеr of thе Yеar 2018 (India) at thе Insurancе Asia Nеws Awards
• Rankеd among thе ‘100 Bеst Companiеs for Womеn to Work in India’ in a survеy by Working Mothеr and thе AVTAR Group

Kеy Fеaturеs and Bеnеfits

When choosing a lifе insurancе providеr, it is еssеntial to еvaluatе factors such as claim sеttlеmеnt ratio and solvеncy ratio and customеr sеrvicе. 

Exide Life Insurance еxcеls in all thеsе arеas and еnsuring that its customers can rеst assurеd that their claims will bе procеssеd еfficiеntly. Also, thеir nееds will bе mеt with utmost carе and profеssionalism.

Hеrе arе somе of thе kеy fеaturеs and bеnеfits that Life Insurance offеrs,

1. A widе array of products: From tеrm insurancе plans to savings, invеstmеnt plans, rеtirеmеnt plans, hеalth insurancе plans, and Exide Life Insurance has a divеrsе rangе of offеrings to catеr to еvеry nееd.
2. Extraordinary range of insurancе products: The company’s product portfolio is dеsignеd to mееt thе varying rеquirеmеnts of individuals & families and еnsuring that thеrе is a suitablе plan for еvеryonе.
3. Widе prеmium collеction nеtwork: With an еxtеnsivе gеographic footprint and a vast cliеnt basе, Exide Life Insurance makеs it convеniеnt for customers to pay thеir prеmiums through various channеls.
4. Multiplе prеmium paymеnt options: Customеrs can choose from a range of prеmium paymеnt modеs including onlinе paymеnt and auto dеbit and NEFT and ECS and nеt banking, dеbit card, crеdit card and еCollеct.
5. Taxation bеnеfits: Many Exide Life Insurance plans offer tax bеnеfits and help customers maximizе their savings and invеstmеnts.
6. Extеnsivе customеr sеrvicе: With 24/7 customеr carе sеrvicе, Exide Life Insurance еnsurеs that its customеrs can accеss support and assistancе whеnеvеr thеy nееd it.

A Comprеhеnsivе Rangе of Exide Life Insurance Plans

Exide Life Insurance offers a comprеhеnsivе rangе of insurancе plans to mееt еvеry nееd,

Tеrm Insurancе Plans:

• Saral Jееvan Bima
• Smart Tеrm Pro
• Smart Tеrm Edgе
• Tеrm with Rеturn of Prеmium Plan

Savings and Invеstmеnt Plans:

• Nеw Crеating Lifе Insurancе Plan
• Smart Incomе Plan
• Star Savеr
• Saral Jееvan
• Saral Bachat
• My Assurеd Incomе Plan
• Sеcurеd Incomе Insurancе Plans
• Incomе Advantagе Plan
• Guarantееd Incomе Insurancе Plan
• Guarantееd Wеalth Plus
• Wеalth Maxima
• Assurеd Gain Plus
• Wеalth Buildеr
• Wеalth Elitе
• Sampoorna Jееvan
• Nеw Fulfilling Lifе

Rеtirеmеnt Plans

• Exidе Lifе Nеw Immеdiatе Annuity
• Exidе Lifе Smart Pеnsion Plan
• Qualifying Rеcognisеd Ovеrsеas Pеnsion Schеmе (QROPS)
• Exidе Lifе Saral Pеnsion

Hеalth Insurancе Plan

• Exidе Lifе Sanjееvani

Customizablе Protеction with Ridеrs

To еnhancе thе protеction offеrеd by thеir plans, Life Insurance offеrs sеvеral ridеrs that customеrs can add to thеir policiеs

• Exidе Lifе Tеrm Ridеr: An add-on product that еnhancеs thе basic lifе covеr at a nominal additional prеmium.
• Exidе Lifе Critical Illnеss Ridеr: Providеs a lump sum bеnеfit if thе insurеd is diagnosed with a major illnеss such as cancеr and heart attack or paralysis.
• Exidе Lifе Accidеntal Dеath Disability and Dismеmbеrmеnt Ridеr: Offеrs еnhancеd covеragе in casе of accidеntal dеath and disability or dismеmbеrmеnt.

Sеamlеss Claim Sеttlеmеnt Procеss

Life Insurance aims to makе thе claim sеttlеmеnt procеss as straightforward and hasslе frее as possible. Customеrs can rеgistеr claims at thе official wеbsitе, follow a fеw simplе stеps and submit thе rеquirеd documents. Upon approval, thе monеy will be transfеrrеd to thе claimant’s account.

Documеnts rеquirеd for claim sеttlеmеnt

• Duly fillеd Claim Intimation form
• Original Dеath Cеrtificatе
• Copy of Mеdical Causе of Dеath Cеrtificatе and Mеdical Rеcords
• Agе Proof & Idеntification documеnt
• Photos of the claimant
• Proof of Bank account of thе Claimant

Customеr Support and Assistancе

Exide Life Insurance undеrstands thе importancе of providing еxcеllеnt customеr sеrvicе. Customеrs can reach out to this company through various channеls including

The post <strong>Exide Life Insurance: Sеcuring Your Futurе with Trust and Innovation</strong> appeared first on Blogs - Policyplayer.

Can I Get a New Life Insurance Policy If I Already Have One?

The short answer is definitely yes! even if you already have a life insurance plan with another provider and you are free to buy a new policy from Bharti AXA Life Insurance. Make sure to share your current coverage details during the application process.

The Three Stages of Life Insurance

Knowing the life insurance journey will help you to make the right decisions.

1. Purchasing the Policy

This is the step where you research and choose the best life insurance plan that suits your needs. Take into account aspects such as policy period, premium, extra riders, and your main purpose for getting coverage.

2. Paying the Premiums

Pick the premium amount that you can comfortably pay and pay it on time. This guarantees that the insurance company fulfills its obligations and gives the promised benefits.

3. Filing a Claim

When the unimaginable happens and your designated beneficiaries will have to fill in a claim form and provide supporting documents. The insurance company will next verify the claim and pay the benefits to your beneficiaries.

3 Major Advantages of Life Insurance

Protection

Life is full of uncertainties and life insurance is a safety net for your family. When you are gone and the insurance company will pay the predetermined death benefit to your beneficiaries and guarantee that they will be taken care of.

Long Term Savings

Some life insurance products such as Bharti AXA Life’s Guaranteed Wealth Pro give you a systematic way of accumulating a financial corpus that can be used for your life goals or retirement.

Investment

Unit Linked Insurance Plans (ULIPs) are primarily investment instruments that have the potential to generate significant returns on the premiums you pay.

Beyond these key benefits, life insurance offers tax advantages and the ability to take a loan on your policy if you have to.

Read More- Star Health Insurance Plans for Family to Protect Your Family’s Health

Bharti AXA life insurance – Why Choose?

Bharti AXA Life Insurance is a top choice for your life insurance needs and offers several key advantages

Flexible Products

They provide you with the option to customize your coverage limits and add riders as your situation demands. This helps to keep the policy in sync with your varying needs over time.

Seamless Online experience

Bharti AXA Life Insurance company’s user-friendly website makes it super easy to manage your policy. This way you will be able to track your application status with a few simple clicks.

Impressive Claim Settlement

Bharti AXA Life is famous for its high claim settlement ratio and the claim handling team which is committed to the problem-free claim process for the policyholders.

Tracking Your Proposal Status

In case, you purchased your policy online and you can track its status by visiting the Bharti AXA Life website, clicking on the “Quick Links” page and selecting “Resume/Track application.” 

Just enter the product name and quote number in the blanks to get the latest updates.

On the other hand, you can also contact their customer care service using phone and SMS or e-mail to inquire about your policy status.

The Claims Process Made Easy

Filing a claim with Bharti AXA Life Insurance is straightforward. The mandatory documents required in the event of a natural death claim include:

• Original policy bond (or an indemnity bond if the original is unavailable)

• Copy of the death certificate

• Life assured’s (deceased’s) KYC documents

• Nominee’s PAN card/Form 60 and KYC

• Nominee’s bank account details

Depending on the circumstances, you may need to provide additional documents such as medical records or a copy of the FIR and post-mortem report.

To get started, simply visit the Bharti AXA Life website and click on “Quick Links then go to the “Claim Centre” to register your claim. 

You can upload all the necessary documents right there and the Bharti AXA Life team will handle the rest.

Bharti AXA Life Insurance Policy Details – Product Offerings

Bharti AXA Life insurance offers a diverse range of life insurance plans to cater to various needs. Here are a few standout options of the Bharti AXA life insurance policy details:

Bharti AXA Life Flexi Term Pro

• A non-linked and individual and non-participating pure risk premium life insurance policy
• Offers options with and without return of premium
• Flexible policy and premium payment terms
• Covers single-life or joint life

Bharti AXA Life Guaranteed Wealth Pro

• Provides a flexible payout structure and multiple income options
• Offers tax-free income from the second policy year
• Lifelong income with life cover until age 100

Bharti AXA Life Shining Stars

• A non-linked and non-participating limited pay endowment life insurance plan
• Offers flexibility in maturity payout options and policy terms
• Serves as a short-term investment option for child insurance

These are just a few examples of the comprehensive life insurance solutions offered by Bharti AXA Life. 

each plan is tailored to meet specific needs and preferences ensuring you and your family are financially secure and protected.

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mPRO Max Life Insurance

mPRO is designed to provide comprehensive life coverage along with wealth-creation opportunities to secure your family’s future.

As you shop for life insurance, you will find that mPRO stands out from other options. The policy combines the benefits of term insurance and unit-linked insurance plans (ULIPs) into one. This gives you the security of life coverage along with the potential to grow your money over time.

The coverage ranges from $150,000 up to $3 million, allowing you to customize it to your family’s needs. The great thing is that you can cover up to three people under one low-cost policy. This keeps premiums affordable while still giving your family financial security.

Tailored Cover for Your Needs

The term insurance component of mPRO pays out a lump sum (the sum assured) to your beneficiaries in the unfortunate event of your premature death. This ensures that your family can maintain their current lifestyle even without your earning capacity.

You can choose coverage of 10, 20, or 30 years to suit your specific protection needs. This way, you get covered for the years where your financial responsibility is highest.

Growth for Your Money

A unique advantage of mPRO is the unit-linked component. Here, some part of your premium gets invested in funds of your choice. The options include equity funds, debt funds, and balanced funds catering to different risk appetites and returns.

As the funds grow in value, so does your money. You can track the market value of your investments via the easy-to-use customer portal. This gives you transparency and control over your financial planning. Over the long term, you have the potential to create wealth that you can use for other goals.

Customize With Optional Riders

To enhance your base coverage, mPRO offers riders cover for accidental death, critical illnesses, and a waiver of premium. These give additional benefits at marginal extra cost.

For instance, the accidental death rider pays an additional amount if death occurs due to an accident. This enhances the financial protection for your family. The critical illness rider pays out a lump sum on the diagnosis of a major illness like cancer. You can use this to pay treatment expenses over and above hospitalization costs.

The waiver of premiums is also useful as it ensures policy continuance by waiving off future premiums in case of disability. Such optional covers let you customize mPRO as per your specific lifestyle and risks.

Easy Access Through Online Portal

mPRO also scores high on convenience due to its online portal and app. You can easily access your policy details, track your investments, pay premiums, and make changes all through the portal. This takes away tedious paperwork and long queues at branches.

You simply log in using your unique user ID and password from wherever you are. The dashboard gives an overview of your policy health insurance status, premium payments, fund value, and more. 

You can also reach out to customer care through call or chat support within the portal itself. This ensures a smooth and satisfactory insurance experience.

Affordable Premium Protecting Your Family

While mPRO packs a punch with its features, premiums start at just $150 annually. This makes comprehensive life insurance affordable for individuals at different income levels. The premium varies based on the sum assured, policy term, and riders you select.

But the range remains economical given the joint coverage it provides through term cover and ULIPs. For just a small yearly payment, you secure your family’s future and save up for other goals.

The post <strong>What is mPRO Max Life Insurance? How mPRO Max give dual Benefits of Life Cover & Wealth Creation?</strong> appeared first on Blogs - Policyplayer.

What is Joint Life Insurance?

Joint life insurance provides coverage for both policyholders throughout their lifetimes. When the first insured passes away, the surviving spouse continues to be covered. The death benefit is typically only paid out once after both insureds have died. 

There are several key things to know about joint life insurance to determine if it is the right fit for your situation. Here is an overview of how these shared policies work and what to consider when shopping for coverage.

How Does Joint Life Insurance Work?

With individual life insurance, the policy only covers one person. Joint life insurance expands the coverage to include two insureds on a single policy. Both applicants go through the underwriting process, and a death benefit amount is established that pays upon the death of the second insured.

The policyholder pays a single premium to cover both lives. This premium is usually less than two separate premiums for individual policies with the same death benefit. Insurance companies offer a discount because underwriting and administration are simplified with joint coverage.

Pricing for joint life insurance is based on the ages and life expectancy of both applicants. As both insureds age, the premium cost will increase over time. However, it remains more affordable than two individual policies.

Some policies allow the death benefit to be paid after the first death, while others don’t pay until the second death. This is an important detail to understand upfront when shopping for coverage.

Benefits of Joint Life Insurance

There are several advantages to choosing a joint life policy over individual policies:

• Cost savings

The premium for a joint policy is almost always lower than buying two separate policies. You benefit from a discount by combining coverage.

• Convenience

With only one policy to manage, recordkeeping and administration are simpler for couples. You avoid duplicate paperwork and bills.

• Continued coverage

The surviving spouse maintains coverage after the first death. This ensures they have ongoing protection and avoid having to re-qualify medically later in life.

• Estate planning

Proceeds from a joint policy can provide liquidity for estate taxes or expenses after the second death. This ensures heirs receive more of the assets.

• Greater flexibility

Some policies allow you to reduce coverage later in life as needs decline. With individual policies, you may be stuck with more coverage than you need.

For many married couples, joint life insurance streamlines the buying process and provides cost-effective lifelong coverage. It covers both spouses without the hassle of managing two policies.

What To Look For in a Joint Policy?

If you decide joint life insurance fits your coverage needs, here are some important features to look for when selecting a policy:

First-to-die vs. second-to-die payout: Understand whether the death benefit is paid after the first insured passes or only after the second. 

Ability to customize: Look for a policy that lets you adjust the death benefit amounts and convert them to individual policies later if needed. This provides more flexibility.

Premium guarantees: Opt for coverage with set premiums that cannot increase over the life of the policy. This protects you from unexpected rate hikes. 

Riders and add-ons: Additional policy riders for conditions like terminal illness can customize your coverage. Make sure the insurer offers options to enhance your plan.

Conversion options: Some policies allow you to convert to individual policies or reduce coverage later in life. Having this flexibility is ideal.

Highly rated insurer: Be sure to choose a carrier with strong financial stability ratings so you can depend on them to pay claims. Avoid risky insurers.

As with any insurance, it’s important to understand the features and fine print before committing to a joint life policy.

Who Is Joint Life Insurance Right For?

Married couples: Combining coverage results in cost savings. This strategy works best when insurance needs are similar for both spouses.

Business partners: Co-owners can benefit from joint policies. The remaining partner maintains coverage after one dies.

Seniors: Older couples on fixed budgets appreciate the discounts from a joint policy. Having a single bill simplifies paperwork.

Parents/children: In certain cases, a parent and adult child may take out a small joint policy to cover final expenses.

Couples who both need life insurance are ideal candidates for a joint policy. Singles with no spouse will not benefit from this strategy and are better off with individual coverage.

Shopping Tips for Joint Life Insurance

If you think this type of shared coverage may suit your needs, keep these tips in mind:

– Compare quotes from multiple insurers. Premiums can vary significantly.

– Opt for a lower-cost term life policy if you need temporary coverage. Permanent insurance makes sense for lifelong needs. 

– Discuss your needs with an insurance agent or advisor. They can explain options and provide guidance.

– Consider adding riders like accelerated death benefits to customize your policy. This provides greater benefits if you become terminally ill.

– Select an established insurer with strong financial ratings from agencies. Avoid untested life insurance carriers.

Taking the time to shop around and understand the policy details allows you to find affordable joint coverage. Make sure it provides the amount and duration of protection your family needs.

Read More- How Long Can I Stay on My Parent’s Insurance?

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What is Term Life Insurance?

Term life insurance provides pure death benefit protection for a set period of time, or “term.” Terms can range from 1 year to 30 years. The death benefit is paid to your beneficiaries if you die within the term. 

If you outlive the term, the policy simply terminates and no death benefit is paid.  

The advantages of term life insurance include:

• Lower cost: Term policies typically have much lower premiums compared to whole life for the same death benefit amount. This makes term life very budget-friendly.
• Customizable terms: You can match the term length to your specific need, such as covering your working years.
• Option to renew: Many term policies allow you to renew for another term without a medical exam.
• Higher death benefits: For the same premium, term life provides substantially higher death benefit coverage than whole life.

The main disadvantages are that term insurance only lasts for the predefined term, and premiums increase as you age. There is no cash value accumulation with term policies.

What is Whole Life Insurance? 

Whole life insurance provides lifetime protection as long as you pay the premiums. The policy has a cash value component that builds over time in addition to the death benefit. The cash value earns interest at a guaranteed rate specified by the insurance company. 

The advantages of whole life insurance are:

• Lifetime coverage: The policy remains in force as long as premiums are paid.
• Stable premiums: Premiums are fixed and guaranteed not to increase.

However, whole life also has some drawbacks:

• Higher premiums: Premiums are typically 6-10x higher than term life premiums.
• Lower death benefit: For the same premium as a term, the death benefit will be much lower.
• Less flexible: There are usually penalties for reducing or stopping premium payments.
• Lower cash value growth: Interest rates earned on the cash value tend to be lower than alternative investments.

Key Differences Between Term and Whole Life

Here is a quick overview of how term life and whole life compare:

• Coverage duration: Term is temporary; whole life is permanent as long as you pay premiums
• Premiums: Term premiums start low and then increase; whole-life premiums remain fixed
• Death benefit: Term policies have higher death benefits for the premium
• Cash value: Term has no cash value; whole life builds tax-deferred cash value that earns interest 
• Flexibility: Term allows customizable terms; whole lifeless flexible in changing face amounts or stopping premiums
• Costs: Term is significantly less expensive; whole-life premiums are much higher 
• Uses: Term works well for temporary needs like family protection; whole life is better for lifelong coverage and cash accumulation

Which is Right for You?

Term and whole life insurance are suited for different financial situations and goals. Consider your budget, whether you need lifelong coverage or just temporary protection, and your desire to accumulate cash value. 

Here are some quick guidelines:

• Term life insurance tends to work well for temporary family income replacement needs, covering mortgages, young family expenses, and income protection during your working years. It offers affordability and customization of terms.
• Whole life insurance is better for permanent family income replacement or estate planning needs. It can cover lifelong insurance needs beyond working years. The cash value build-up can also supplement retirement savings.
• If you’re a budget-minded family needing basic coverage, term life insurance generally provides the most cost-effective option.
• If you want both death benefit protection and tax-advantaged cash value growth, whole life insurance may be a better solution.

Here, the choice depends on assessing your specific situation. Many families opt for a combination of term and whole life insurance at different stages of life. 

However, working with a financial advisor can help ensure you get the right life insurance solutions for your circumstances.

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