Life Insurance Plans for Families in India

You can purchase various types of life insurance plans based on your financial requirements and future needs and ensure that the future of your family is safe and secure even if you are not around with them in the future.
More

Life is unpredictable and there is no getting away from that fact. If you are the sole breadwinner of your family then you have to make sure that your family is taken care of even under the most trying of circumstances and that is where life insurance for families comes in. There used to be a time when, if you wanted to take a family life insurance plan in India, your choices were severely limited but in the past few years the industry has grown and received a lot of attention. Today, customers are spoilt for choice when it comes to life insurance. They can choose from a host of plans which give them benefits like never before. These policies range from term insurance to ULIPs to endowment plans and even includes pension plans. A close examination of these will reveal that all the plans offered under these schemes are designed in such a way that they suit the individual needs of each person buying them. It does not matter if you stay in a rural area or an urban area, you need a family life insurance policy that ensures the continued wellbeing of your family even if you are not around.

Types of Life Insurance Plans for Families in India

Insurance plans come in many different forms. Some give you plain and simple insurance cover for the premium you pay, while others try to give you facilities like survival benefits, pensions, etc. Some versions of these policies are actually family protection plans which make sure that your family’s future is secure in case you die or are disabled and not able to earn anymore. The question of what the best family life insurance plan for you is answered by your own personal needs and capabilities. First let’s take a look at some of the types of insurance plans then we can look at the benefits that each of them have to offer.

  • Term Insurance plans
  • These are sometimes called the basics form of life insurance. What happens in a term plan is that you pay a premium and the insurer makes sure that you are covered by a specific amount for the duration of the policy. What this means is that you decide the duration of a policy and choose the amount you want to be covered for. You pay the premiums for said amount and, in the unfortunate event of your death, your family gets the amount you are insured for. The period of such a policy can be anything from 10 years to 20 years based on the conditions set forth by the insurer.

  • Money-back policies
  • These are policies that don’t stop at just insuring your life for a specific amount. Here too the general principles of a life insurance policy apply except in this case regular payments are made to you at certain intervals, hence the name money-back. Should the worst happen while this policy is in effect then the your family will be given the entire sum assured even if you have already received some money as part of the money-back scheme.

  • Unit Linked Insurance Plans
  • Unit Linked Insurance Plans or ULIPs are insurance plans where a part of the premium you pay is dedicated to providing life insurance cover to or your family members and the remainder is invested in the markets.

  • Pension policies
  • A Pension Policy, as the name suggests, is a plan that you take to plan for the future. It is obvious that you are not going to work forever so what happens when you retire? Pension Policies basically make sure that you keep getting a monthly income even after you retire, so that you can go ahead and enjoy some quality time with the grandchildren.

  • Joint life insurance
  • A joint life insurance plan is one which is designed specifically to be a life insurance plan for family members. Under this scheme a couple may take a life insurance policy together under one contract and the plan they take can be either a term plan or a ULIP or any other type of life insurance plan which ensures that you and your better half are going to stay financially independent should one of you die.

  • Child insurance plans
  • Many insurers offer customers the choice to take a life insurance plan for family members that makes sure that, should anything happen to you, your children don’t have to suffer. With such a plan in place you can rest easy that your children’s future is safe.

Advantages of an Insurance Policy

There are many advantages to buying life insurance for a family. The advantages are so great that they almost make it a mandatory investment. These benefits may vary from one insurer to another but the common theme they have is to make sure that there is always something that the insurance plan can do for you and your family. Let’s take a look at some of these advantages

  • Financial future
  • The first and most obvious advantage of insurance plans is that they are not simple insurance plans, they are actually family life insurance plans because the ones drawing the maximum benefit out of the scheme is the family. With a life insurance plan you can make sure that your family always has money even if you are not there. This is especially important if you are the primary breadwinner of the family.

  • Family life insurance plans for everyone
  • It doesn’t matter that you are not super rich. If you are in a position where you can’t afford to pay premiums for some of the insurance plans with money-back options then you can always go in for a term life insurance plan which still gives you the benefit of being insured and the added advantage that the premiums for such plans are not too heavy on the pocket. Term life insurance is actually a very affordable family protection plan insurance.

  • Get something in return
  • There are some for whom a simple term plan might not be enough. They want some sort of benefits at the time of maturity of the policy and during the tenure of the policy. Money-back plans offer features like regular payments to policyholders, maturity benefits and even pension planning where the insurance policy turns into a pension plan when you retire.

  • Double payment
  • If you have gone in for a joint life insurance scheme then you stand to gain more than the obvious advantage. The first is that the premiums for a joint insurance plan tends to be cheaper than other plans and the second is best explained by a small example. Let’s say there is a family of a husband, a wife and their son. The husband and wife are covered by a joint insurance plan when the husband passes away. In this case the wife is paid the entire sum assured with which she can take care of herself and her son. A few years late the wife also passes away, what happens then? If the second person also passes away, while the policy is in effect, then there is another payment made of the sum assured under the same policy.

  • Tax Benefits
  • Since many of the life insurance plans on offer today are covered by relevant tax rules, policy holders can gain tax benefits under section 80C for the premiums they pay to keep these policies active.

  • Protection not limited to death
  • Many life insurance policies talk about amounts that will be paid to the family in case the policyholder passes away but what happens if the policyholder does not pass away but it left disabled and unable to work? Certain family protection plans also cover becoming disabled and call it Accidental Total Permanent Disability. This means that if you meet with an accident which leaves you disabled for life then you can claim the sum assured under your life insurance policy.

  • Lots of options to choose from
  • With the growth in the life insurance sector many different companies have come in with offers that are meant to suit a wide variety of customers. In effect, today, there is an insurance plan to suit each policy holder’s personal needs. There are traditional term plans, endowment plans that give you maturity benefits, there are ULIPs that are linked to debt or equity markets. There are even family life insurance plans make sure that your spouse and children are taken care of in case you pass away or are disabled and are unable to work due to an accident.

How To Decide on The Insurance Plan

Now that you know what the benefits of having a proper family life insurance plan are let’s look at how you should decide on which plan you should go in for.

  • When should you buy life insurance?
  • The obvious answer is that the best time to buy life insurance is at the earliest possible because there is no point in waiting for a calamity to happen and then losing all your savings in its aftermath. If you intend on taking life insurance for family members then it’s best to do it as soon as you get married. For individual life insurance plans its best to take them at the age of 18. But if you haven’t done that and are already much older, do it immediately.

  • What do you want?
  • The most important question you have to ask is what you want your life insurance plan to give you. You have to decide if you want simple insurance cover or do you want it to be more than just simple cover and provide you with maturity benefits too.

  • Does it fit your pocket?
  • This is one of the most important questions when it comes to life insurance policies and your family. Sure there may be some plans that give you lots of benefits but you must always remember that premiums for such policies are considerably higher and if you are not in a position to afford them and take them anyway, it is just going to put unnecessary strain on your finances. If your budget isn’t very big but you still want to provide for your family then you can go in for term insurance plans because they tend to be more affordable.

  • Shop around
  • There is one rule that applies every time you decide on buying something and that is, shop around. With the boom in the insurance industry there are lots of insurers offering customers plans that can take care of different aspects of life and that is why you must always shop around and see what the best family life insurance plan for you and your family is.

  • Is the insurance cover apt for the future?
  • The cost of living is always on the rise and that is precisely why you need to factor it into your decision of which plan is best for you. Just because a life insurance plan seems attractive now you must look at its benefits from critical point of view which will help you decide if it will still be helpful in the future. You need to see if the maturity amount or the sum assured is enough to take care of your family or not.

The Importance of Comparing

Once you have decided that you need to buy a life insurance plan for the family you need to make a decision about which one you should get and that is where the comparison comes in. With multiple vendors in the market offering a multitude of products you might be tempted to jump at the first plan that looks nice but you should not do that. Comparing different insurance policies lets you get a wider view of exactly what is on offer. It may happen that at times you may thing a particular policy is great but a comparison might reveal that there is something which will give you more than what the current policy offers. If you were to use the BankBazaar tool for term life insurance then all you have to do is enter a few basic details about yourself and the tool will show you all the plans that are best suited to you. You can then compare them and see which one you like the most and apply for it.

There is no denying the importance of a proper life insurance plan. When it comes to life, nothing is certain and that is why you need to make a well thought of decision so that you are sure that what you get is the best family life insurance plan that’s available. There are lots of plans that you can choose from but you must make sure that you pick the one that suits your needs and gives you and your family the cover that they deserve.

 4.5 / 5.0   by 19623 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Life Insurance - Optimized For Your Families Happiness Reviews

Page 1 of 50 1 2 3 4 5
  • SBI Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My friend has recommended me about the life insurance policy from SBI LIFE. I pay the premium amount of Rs. 13,500 in a every quarter. I don't remember aboutsum assured value. The amount is automatically deducted through ECS. Its a money back policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 21, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in on 8 years before. The policy is for 30 years. I am paying premium in the yearly package the amount of 36 thousands which is nominal. The total coverage is 15 lakhs. Policy name as Jeevan anadha policy. Charges are applicable and it is nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 21, 2019
  • LIC Life Insurance
    "Good and believable company to take the policy"
    0.5 4.5/5 "Excellent!"
    LIC is a good and very old company so that we believe on the policy holders and all my family members are using LIC so i have taken the life insurance policy with them. Terms and conditions are good in money back policy so i purchased it. I have been paying the premium amount of Rs. 13000 per year. I make my premium by cheque through the agent.
    Was this review helpful? 0
    , asansol
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken one life insurance policy with Life insurance corporation of India on 6 months before, the agent had clearly explain me about the plan benefits and policy is jeevan santhi, the premium amount i use to pay on monthly basis, so i use to pay the premium amount through an online.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Below Average"
    0.5 2.0/5 "Expected more"
    I have taken a 4life insurance with LIC and doing the premium of around 12,000rupees per annum through online and ECS. Their customer service needs an improvement. They are not good in the benefits. The tenure is 10 and 15years. It was taken for tax and future benefits.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 19, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • LIC Life Insurance
    "Security based policy"
    0.5 4.0/5 "Great!"
    My life has been insured with Life Insurance Corporation of India. For the security purpose, i have chosen them. I have been paying the premium amount of Rs. 14000 on a half yearly basis. I'm satisfied with the sum assured amount provided by them. I make the payment through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Endowment won't give cash benefits."
    0.5 5.0/5 "Blown Away!"
    Earlier i have done the policy from LIC without any reason. I have a endowment plan. I'm paying the premium amount of Rs, 60000 per annum. I'm satisfied with the sum assured amount. Total term period of the policy is 18 years. Its a tax benefits policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have 3policies with LIC because its convenient and one of my friend referred me to LIC so have purchased these policies. I never contacted the customer service and the policies not matured yet. They have well explained the terms and conditions, maturity amount before taking the policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken through LIC agent.This was a Money Back policy and it was taken on the year of 2005 ,I am paying the premium on quarterly basis,I am paying the premium through branch ,I have got all the required details about the policy very clearly and there was no difficulties faced so far ,I have got the policy documents on time .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am having 4policies with LIC which is Money back and endowment policy. I am doing periodic payment, the total sum assured is 30L. The premium is deducted from my salary, around 9K. The maturity benefits are very good. The tenure is around from 20 to 23 years. It was taken for both future savings and tax benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have too many of policies with LIC and its good. The benefits are good and well explained by the agent. The payment mode is ECS and am getting the statements and notification through SMS. Even the agent is doing good support and the plan was taken for future savings purpose.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 17, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
    Was this review helpful? 0
    , amritsar
    Reviewed on Oct 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 1.0/5 "Really Bad"
    I have taken Life Insurance policy direclty through LIC agent .I have got all the information abotu the policy very clearly through the agent.This policy is fo the tenure of 25 years and need t pay the premium once in 3 months .I am paying the premium through cheque it will be given to the agent .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Oct 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
    Was this review helpful? 0
    , jalandhar
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
    Was this review helpful? 0
    , mainpuri
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. The policy is for 15 years. I am paying premium in the quarterly package the amount of 6 thousands which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and children. It is a jeevan anadha policy.
    Was this review helpful? 0
    , kanchipuram
    Reviewed on Oct 15, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance policy from LIC. It was a Jeevan Umang. Its almost 150 years old which covers for 95% and the people invested in LIC is higher when i compared to others. This policy has two benefits one its a life insurance policy and other is pension covered policy. After 60 of years of age, i will get the pension.
    Was this review helpful? 0
    , vellore
    Reviewed on Oct 15, 2019
  • LIC Life Insurance
    "Medium"
    0.5 3.0/5 "Satisfactory"
    One month before I have taken a personal loan so they made to take life insurance with LIC company. On one payment need to do fully. In case if we missed to do payment or for some other reason unable to do from insurance they will claim full amount. Myself applicable for 10 lakhs but taken for 5.5 lakhs.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Oct 14, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.