Life insurance is a form of contractual binding agreement between the insured and the insurance service provider. Under this agreement, the service provider agrees to pay a fixed sum to the insured if there is an untimely event such as death or permanent disability. This event may, if agreed upon by both parties, be the incidence of a disease or critical illness.The insured, for his or her part, will pay a fixed sum of money over a stipulated period to ensure that he or she continues to enjoy the coverage provided by the insurance service provider. In some cases, the funeral expenses may also be included under the sum paid as benefits.


Types of life insurance policies

When choosing a life insurance policy, you must see what kind of policy the company has. All the life insurance policies fall broadly into five categories. It will be one of these:

a) Term Insurance
b) ULIP (Unit Linked Policy Plan)
c) Whole Life Insurance
d) Endowment Policy
e) Money Back Life Insurance

Depending on what you hope to achieve, you can choose one of these. Here is the detail of each of the five types of life insurance policy you can choose from.

HDFC Life Click 2 Invest - ULIP

HDFC Life Click 2 Invest ULIP is a Unit Linked Plan that offers you market linked returns along with valuable financial protection for your family.

Along with financial protection this plan also offers you a range of investment funds. You can choose from among 8 fund options to invest your money in.

Key Features

  • Premium payment options of Single Pay, 5 Pay, 7 Pay, 10 Pay or Regular Pay
  • Choose from a range of 8 fund options
  • Tax exemption under Sec 80C and Sec 10(10D) of IT Act, 1961
  • This plan is available with limited underwriting norms with a Short Medical Questionnaire (SMQ) if the conditions are met. Otherwise, the plan will be offered through full underwriting.
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HDFC Life Sanchay

Life is full of responsibilities and as a responsible individual you aspire to build a financially secure life for your loved ones. But what about the guarantee which helps you to grow your hard earned money the way you want, so that it fulfills your needs at the right time?

Presenting HDFC Life Sanchay, a non-participating insurance plan that offers guaranteed benefits along with flexibility to choose your investment horizon.

Key Features

  • Guaranteed benefits payable on maturity provided all due premiums have been paid
  • Guaranteed benefits will vary by policy term in a range of 180% to 325% of the Sum Assured on Maturity (as defined below)
  • Premium payment for limited period of 5, 8 and 10 years
  • Flexibility to choose policy terms ranging from 10 years and 15 years to 25 years
  • This plan is available with a Short Medical Questionnaire (SMQ) based underwriting
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Term Insurance

Among all types of life insurances, this is the simplest. It gives you a financial protection for a fixed term such as 15 or 20 years. Under this policy, your family will get a fixed amount of money on your demise so that the family is secure financially. On the other hand if you stay alright, the insurance service provider will pay nothing. The plus point of the term insurance is that it has a very low premium for the cover it provides. Many people consider this as one of the best life insurance options available in India.

More complex insurance plans

ULIP (Unit Linked Policy Plan)

In this plan, a part of the premium is used for providing the life insurance cover. The rest of the amount goes to equity and debt investments. The investment is highly risky and sometimes may not provide capital gains. One must have a regular habit of investing if one wants to use this plan.

Whole Life Insurance

This has the double benefit of investment and insurance. The whole life insurance plans ensure the person is insured for his whole life or 100 years whichever is earlier. The insurer calculates interest on the sum assured, which is the amount that the insurer pays to the nominee in case of the death of the policyholder.

Endowment Policy

Under this plan too, you get the double benefit of life insurance and investment. A small part of the premium goes to the sum assured. The rest of the money is invested in the investments market involving equities and debt. The policyholder gets the lump sum amount after the completion of the stipulated time, or the nominee gets the amount upon death of the insured, whichever occurs first. There are also cases where endowment plans give bonuses regularly or gave theses bonuses after the death or maturity of the policy.

Money Back Life Insurance

When the policy holder is alive, he or she will get partial survival benefits in the form of periodical payments. If the policyholder dies, the insurer pays the full sum assured along with survival benefits.


You can avail of the life insurance policy online as this will simplify matters. You can upload the required documents online and the policy delivered within a short time. This will save you the bother of running around and making payments in person.

Let’s take a look at some of the best life insurance plans offered by the companies in 2016.

  • Aegon Life iTerm Plan
  • HDFC Life Sanchay
  • SBI eShield Plan
  • Birla Sun Life
  • LIC Amulya Jeevan
  • Kotak Life Preferred e-Term
  • LIC Term Plan
  • IDBI Federal Life Insurance
  • LIC New Jeevan Anand
  • Aviva I-Life Plan
  • HDFC Click 2 Protect Plus
  • Bajaj AllianziSecure
  • ICICI Pru iProtect
  • SBI ShubhNivesh Plan
  • Aegon Life Insurance
  • Max Life Online Term Plan
  • HDFC SL Crest
  • Bharati AXA eProtect Plus

To choose the best policy, compare their respective features, benefits, premiums, exclusions and other details, and then, pick the one that fulfils your needs at minimal cost.


Things to consider when you buy Life insurance

Lower Premium:You can avail of the offer of lower premium if you are young. The younger you are, the lower the premium is. So, those who enrol early will get the maximum benefit.

Go online: This is an effortless way to manage your insurance policy account. The interaction is directly with the service provider, and so you do not pay any extra, unnecessary charges. Policies are more accessible you get many time-saving features

See into the future: What seems huge now will not be so after 20 years. So, you must take inflation into the calculation and then plan your future.

Calculate your needs exactly: When you calculate the coverage you need, check what your future plans are and then take a policy that covers everything. If you need a protection plan, then opt for the life insurance term plans and so on.

Things that determine your Life Insurance premium

Your current age: This is the most important thing since you pay a lower premium if your age is lower. This is because the risk for the insurer increases if the age increases. So, make it a point to start early.

Coverage tenure: The short-term coverage is less risky for the insurer than a long-term one. This is why the long-term coverage costs are less.

Habits: This is another important aspect of the coverage. Smokers and alcoholics have more risks and so the insurer will decide based on that.

Gender: Women live longer, and so they have a slightly lower premium.

Taking an insurance policy makes you more secure. Give your family the protection they need and have a more peaceful life!


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