RiskIQ

What is Life Insurance?

Life insurance isn’t just a policy—it’s a promise. A promise to protect your loved ones when life takes unexpected turns. It provides a financial safety net that supports your family in case something happens to you. Whether you’re building a future, repaying loans, or securing your child’s education—life insurance ensures your dreams don’t end with you.

Life Insurance

₹2 Cr Term plan starting @ ₹800/month*

Key Benefits of Life Insurance

Financial Security

Protects your family’s financial future.

Death Benefit

Provides a lump sum to beneficiaries in case of the insured’s death.

Maturity Benefits (for some plans)

Returns on investment if the insured survives the policy term.

Tax Benefits

Premiums paid are tax-deductible (varies by country).

Loan Facility

Some policies allow loans against the policy’s cash value.

Wealth Creation (ULIPs, Endowment Plans)

Helps in long-term savings and investment growth.

FAQS

Term Life Insurance Pure protection plan with a fixed term and no maturity benefits.
Whole Life Insurance Covers the insured for their entire lifetime with a guaranteed payout.
Endowment Plans Combines insurance coverage with savings; pays a lump sum at maturity.
Unit-Linked Insurance Plans (ULIPs) Provides investment and insurance benefits with market-linked returns.
Money-Back Policy Offers periodic payouts at fixed intervals before policy maturity.
Child Insurance Plans Secures a child’s education and future financial needs.
Retirement/Pension Plans Ensures a steady income after retirement.
Micro Insurance Affordable, low-premium insurance designed to provide financial protection for low-income individuals against health, life, and asset-related risks
Critical Illness Plans Lump-sum payout insurance that covers major life-threatening diseases like cancer, heart attack, and stroke, ensuring financial security during medical emergencies.

Protects your family’s financial stability
Covers outstanding debts & liabilities
Supports children’s education & future planning
Ensures a stress-free retirement
Helps in estate planning & wealth transfer

Age – Younger individuals pay lower premiums.
Policy Term – Longer coverage periods may have higher premiums.
Sum Assured – Higher coverage amount = Higher premium.
Health & Lifestyle – Smoking, pre-existing conditions, and risky jobs can increase premiums.
Type of Policy – Term insurance is the most affordable, while ULIPs and endowment plans are costlier.

Assess your financial goals – Family security, wealth creation, retirement planning, etc.
Compare premium costs & coverage benefits.
Check the Claim Settlement Ratio (CSR) of insurers for reliability.
Ensure sufficient sum assured to cover future expenses.
Look for riders/add-ons like critical illness cover or accidental death benefits.

Notify the insurer – Inform the company about the claim.
Submit required documents – Death certificate, policy details, nominee ID, etc.
Claim review & verification – Insurer evaluates the claim and documents.
Claim settlement – If approved, the payout is made to the beneficiaries.

A good rule of thumb is 10-15 times your annual income, considering factors like debts, dependents, and future financial goals.

Yes, some insurers offer no-medical-exam policies, but they may have higher premiums or limited coverage.

If you stop paying premiums, your policy may lapse, meaning the coverage ends and your loved ones lose financial protection. Some policies may offer a grace period, paid-up value, or surrender benefits depending on how long you've paid. However, stopping early usually results in loss of full benefits. It’s important to understand your policy terms before discontinuing payments.