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Life Insurance

Life Insurance policy is a contract between an individual (policyholder) and an insurance company (insurer). Under the contract, the policyholder pays a certain sum of money as a premium to the insurance company. In return, the insurer promises to pay a specific sum of money (sum assured) to help cover all financial expenses.

What are the Benefits of Life Insurance?

You need to understand that life insurance can offer many more benefits than just a large sum to your family at your untimely demise. The following are some significant benefits of buying life Insurance:

Death Benefit

The death benefit is the primary feature of a life insurance plan, and regardless of which type of plan you invest in, the death benefit remains integral. You should ensure that your family has adequate death benefit cover to take care of the household expenses, as well as future financial goals.

Investment benefits

In general, life insurance plans not only serve as financial instruments to provide a replacement for income loss, but they also function as an investment opportunity. Throughout the policy tenure, you can avail significant returns on your investment.

Tax exemptions

You can use your life insurance policy as an essential tax planning tool. When you purchase life insurance, you become eligible to avail comprehensive tax benefits under the Income Tax Act, 1961. The policy premium paid qualifies for tax deductions under Section 80C of the Income Tax Act, 1961, subject to existing tax laws.

Protection from critical illnesses

Life insurance plans from Max Life Insurance offer protection cover against 40 critical illnesses, including kidney failure, cancer, heart attack, & stroke through its Accelerated Critical Illness (CI) Benefit. Thus, the policyholder will receive a lump sum if he or she is diagnosed with any critical health conditions as outlined by the rider.

Create wealth to fulfil your life goals

When it comes to financial planning, life insurance is one of the best options to provide risk protection and steady pay-outs. Be it securing your child’s future or planning for your retirement, buying a life insurance plan can help you take care of important life goals, while ensuring financial security for yourself and your family.

Important Terms About Life Insurance

Important Life Insurance Terms

1. Who is the Policyholder?

The policyholder is an individual who purchases a life insurance plan. Anyone can buy a life insurance policy in India.

2. What is Sum Assured?

It means an amount as specified in the life insurance policy contract which is payable to your nominee upon your death. In other words, it is the life cover amount that the insurance company promises to pay your family in case of your unexpected death within the policy tenure.

The calculation of the maximum value of sum assured and required premium amount is based on your current income, selected policy tenure and the mode of payout.. You can use an online life insurance calculator to get an estimate of the Sum Assured and the premium amount payable that you can avail under a plan.

3. Who is a Nominee?

The nominee is the individual who receives the insurance plan benefit amount (the Sum Assured of the policy), after the death of the life insured.

While you can include your mother, father, spouse, or child as a nominee, it is also possible to nominate relatives such as an uncle, aunt, and nephew.

4. What is Coverage Period?

Coverage period or policy term is the duration or time period for which are you are covered. But, premium payment term is different than the coverage period. Premium payment term is the duration for which you are expected to pay the life insurance premium.

What are the Types of Life Insurance Plans?

What are the Types of Life Insurance Plans?

Life insurance is not a single product; instead, it has many forms. Most common types of life insurance include term plans, unit linked insurance plans, endowment plans, and retirement plans.

Thus, you need first to understand the working of each form of life insurance and then compare between plans to see which one suits you the best, in terms of benefits as well as affordability. Using a life insurance calculator here can help you assess your life cover requirement and choose the most suitable plan variant.

Let us take a closer look at the different life insurance plans in detail:

Term Plans

Term insurance is the purest and most affordable form of life insurance. A term plan offers a high death risk cover at affordable premiums for a specific period. Thus, in case of your untimely demise during the policy tenure, the insurance company will pay the death benefit to your nominee.

Moreover, you have the option to enhance your coverage through rider add-ons and choose the death benefit payout method (payable as a lump sum, monthly payouts, or their combination). Typically, term insurance plans do not have any maturity value. However, Max Life Smart Term Plan pays back the entire premium amount paid if you outlive the policy tenure.

Unit Linked Insurance Plans (ULIP)

ULIP is a long-term investment option that offers a comprehensive combination of insurance and investment benefits. A portion of the premium paid towards a ULIP is used as a risk cover (insurance) while the remaining part is available for investments.

You can choose to invest in different fund options offered by the insurance company. The insurance company then invests the accumulated amount, on your behalf. You can also monitor the fund performance of ULIP investments through their Net Asset Value (NAV). The NAV of each fund is updated on a daily basis. ULIP plans help you to alter your fund allocation by choosing switching and/or premium redirection options.

Child plans

A child plan is a type of ULIP that helps you create wealth to support your child’s higher education. These plans provide you the flexibility to invest into different funds, based on your current financial status and your child’s education needs.

In general, child insurance plans provide a life cover, which is approximately 10 times the annual pay. The life cover is available as a lumpsum payment at the end of the policy tenure. Not only this, child plans provide flexible payout options to help you take care of the important milestones of your child's education.

Types of Different Life Insurance Plans – Max Life Insurance

Discover the different kinds of Life Insurance policies with Max Life. Max Life offers various Insurance plans such as protection, online term plan, growth plans, guaranteed income plan, retirement plans, child plans and many more!

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Endowment Plans

Endowment plan is another type of life insurance plans that offer a combination of insurance and savings benefits. In an endowment plan, one receives the twin benefit of life cover and savings. In case you outlive the policy term; the insurance company will offer you the maturity benefit.

Also, you will be eligible to receive periodic bonuses (in par products), paid either on maturity or to your nominee along with the death benefit. Under Non par products you receive a guaranteed amount on maturity or on earlier death.

Retirement Plan

Retirement plans (Deferred pension products) help to build a corpus for your retirement so that you can remain financially independent even after your working years are over. You can save systematically to build your retirement corpus.

In case of your unfortunate demise, during the policy term, your nominee will receive immediate payment from the insurance company. The amount paid here will be higher of fund value or coverage or 105% of premiums paid.

On the other hand, vesting benefit will be payable if you survive the maturity age. Here, you will receive the payout, in the form of the fund value, which can be invested into an annuity. Immediate Annuity products help you to get periodic installments as annuity payouts.

Which Life Insurance Plan suits your need?

When it comes to buying life insurance policy, the “one size fits all” does not work. Each has a different perception towards life, and therefore, seeks a plan that is personalized according to his or her needs.

At Max Life Insurance; therefore, you can find flexible life insurance plans that can be customized to match your age and unique set of life goals and protection needs. Let us help you with a small guide to assessing your insurance need as per your life stage:

Life stage

What Form of Life Insurance You Need

Plans to Consider

Young and unmarried

A savings plan, health insurance

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Online Term Plan Plus

Married with no children

Term insurance, savings plan, health insurance

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan


Married with young children

Term insurance, savings plan, health insurance, child’s plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Child Insurance Plans


Parents with teenage children

Term insurance, savings plan, health insurance, child’s plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Child Insurance Plans


Nearing retirement

Health insurance, term insurance, savings plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Why should you choose Life Insurance?

Why should you choose Life Insurance

You should buy a life insurance policy for –

  • Sum assured (nominee will receive after the death of the insured)

  • Critical illness benefit rider (available at an additional cost), which will protect you against serious health issues, such as heart conditions, cancer, brain tumour etc.

  • Avail investment benefits with Unit linked insurance plan

  • Deduction for the life insurance premium paid u/s 80C of the Income Tax Act, 1961

Before buying a life insurance policy, you can use an online life insurance calculator to get an estimate of the highest possible life cover that is available under the plan and the premium amount payable. This way, you can make sure that you have the best possible financial protection for your family.

How to choose the right life Insurance provider?

How to choose the right life Insurance provider?

The next crucial step is to choose the right insurance company based on its customer assistance, plan benefits, and claim settlement ratio. Here’s are a few terms you need to understand first:

1. What is their Claim Settlement Ratio (CSR)?

Claim settlement is the ratio between the number of claims successfully disbursed by an insurance company and the number of claims they have received in a financial year.

For example, claims settlement ratio of 98% means that the insurance company has settled 98 out of 100 death claims filed in that particular year. Therefore, higher the CSR, better are the chances of your death claim getting settled.

Also, you need to compare the year-on-year CSR for the insurance company to check if they have been consistent in paying the life insurance claims.

2. What is their Solvency Ratio?

Solvency Ratio refers to the ability of an insurance company to have a sufficient cash flow to take care of its debts.

Thus, you can expect hassle-free claim settlement from your insurance plan if the insurance company depicts a strong ability to meet their short-term and long-term liabilities.

3. How much will the plan cost you?

Each life insurance plan is priced differently. Given the fact that you have to pay the premiums at regular intervals to keep your life plan active; you need to choose an insurance plan that is cost effective. In case the premium is too high and you cannot afford to pay the premium, you may risk losing your life cover.

Top reasons to buy term plans from Max Life Insurance

Why Should You Choose MAX LIFE INSURANCE

Best Term Plan Company of the year*^*
98.74%**^ Claims Paid
IRDAI Registered Registration No. 104

With AUM of  Rs.62,798 Crore as per Max Life public disclosure , claim settlement ratio of 98.74 FY 18-19 as per IRDAI Annual report FU 18-19, multiple policy options, personalized assistance, and quality service, Max Life Insurance offers you comprehensive financial protection against the uncertainties of life. Here is how Max Life helps you choose an insurance as per your financial needsthat suits your current life stage and future life goals:

· Tailor-made plans to match your life goals

Whether it is term insurance, endowment, whole life insurance, or ULIP – having options is desirable. Each is different in terms of assets, income, life goals, and financial liabilities. Hence, their reasons to purchase life insurance also vary as per your financial needs.

To help you find an insurance product that matches your financial needs, Max Life currently offers several life insurance plans for individual insurance buyers and group plans for corporates. Also, there are options to avail additional life cover protection in the form of riders, with 5 available add-on options for individual buyers and 4 riders for group insurance products.

· Claim Settlement Ratio

Max Life’s claim assurance . has an impressive individual death claims paid percentage of 98.74% in FY'18-18 (Src: IRDAI annual report FY 18-19). Such a claim settlement ratio means that you are more than likely to get your claims on time, and at the time when you probably need it the most.

The ability of Max Life to offer feature- products based different financial needs has demonstrated the company’s robust financial strength and stability.

Another great thing about Max Life is that they offer personalized assistance during claims. A dedicated claim settlement officer engages the customer

To know more about the plan and to calculate the right life insurance cover for yourself, you can use an online term plan calculator or connect with us over a call.

Who can buy Life Insurance?

Any individual aging between 18 years to 65 years can purchase life insurance in India. While both male and female policy buyers enjoy the same premium rates, female buyers have an additional offset on the rate of premium and a high cancer care cover.

Can a smoker buy life insurance?

While insurance companies offer low rates of premium to non-smokers, smokers too can avail life insurance. However, they have to inform the insurance company about their smoking habit at the time of purchase of the policy itself. In case you choose not to make the disclosure, you may risk rejection of your claim later.

Can a disabled person buy Life Insurance Policy?

A disabled can purchase life insurance; however, they need to:

1. Prove that they provide financially for their family (individuals with disability will need to submit documents to establish their paid employment and the number of dependents)

2. Undergo a medical test, to determine and estimate the risks (insurance companies need medical evaluations to calculate the premium the disabled individual may need to pay for the life coverage)

If an individual is experiencing blindness, mental disorders, or have complete immobility, they may not be able to buy a life insurance plan. In any case, it is important that they inform the insurance company about their disability at the time of purchase of the policy itself. In case you choose not to make the disclosure, you may risk rejection of your claim later.

If you have a pre-existing illness, can you purchase life insurance policy?

Individuals with a pre-existing health condition can purchase life insurance. However, it is important that they inform the insurance company about any pre-existing health condition at the time of purchase of the policy itself. In case you choose not to make the disclosure, you may risk rejection of your claim later.

Typically, individuals with a pre-existing illness may have to pay a higher premium amount for the insurance cover (this is called premium loading). In addition:

· You may have waiting period of at least 90 days, only after which, your pre-existing conditions would be covered under the plan

· You will have to undergo a comprehensive check-up, based on which the insurer will decide whether to issue you a life insurance policy or not

· In case you have a pre-existing health condition that is chronic and severe such as high diabetes, cancer or a medical history of heart attack, the insurance company may deny issuing a policy to you

If you have a pre-existing illness, it is advisable to fully disclose your condition to the insurer and discuss your case, to get the best possible form of life insurance.

Benefits of buying Life Insurance Online

How can you pay for a Life Insurance?

Buying life insurance from Max Life is quick and hassle-free. Here are a few hallmarks of our life insurance plans:

  • Buy as you like

  • Multiple channels for a seamless buying experience

  • It just takes 15 seconds

  • Calculate your premium in just 15 seconds

  • Paperless process

  • No bulky paperwork while buying or paying a premium for policies

  • Pay as you please

  • Multiple premium payment channels, including net banking, digital wallet, credit cards, and debit cards

  • Secure future

  • Dedicated claim settlement officer to make the claim process effortless

What are the documents you need to get life insurance in India?

According to the insurance regulator, the following documents qualify as mandatory while purchasing a life Insurance policy is:


Valid Documents

Officially Valid Documents (Any of these)

· Passport

· Voter’s ID

· Job card issued by NREGA duly signed by an officer of the State Government

· Aadhaar Card

· National Population Register containing details of name, address and Aadhaar number

· Or any other document as notified by the Central Government

In addition to the Officially Valid Documents

PAN Card/Form 60 (Mandatory)

In case Officially Valid Documents does not contain updated address

· Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)

· Property or Municipal Tax Receipt

· Pension or family pension payment orders (PPOs) issued to retired

· Employees by Government Department or PSUs, if they contain the address

· Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions and listed companies

How can you pay for a Life Insurance?

Life insurance plans allow you to pay the premium either in one go (single payment) or through regular payments (annual, semi-annual, quarterly, or monthly). Max Life Smart Term Plan also offers the option to pay the premium for a limited payment tenure (Pay till 60).

Regular premium payment options allow you to pay in the following premium payment modes:

Annual: You have to pay the annualized premium (the total of Annual premium and any extra premium) once a year.

Semi-annual: You have to pay half of the annualized premium once in every six months, throughout the premium payment term.

Quarterly: You have to pay one-third of the annualized premium once every four months, throughout the premium payment term.

Monthly: There are twelve equal parts of the annualized premium, which are payable every month.

It is essential to know here that the policyholder can change the premium payment mode during the premium payment term.

How will your family get Claim money from Life Insurance (Term Insurance)?

Basic Life Cover

Your dependents receive a one-time lump sum payout as term plan payout.

Fixed Income

Your nominee receives the policy benefit in the form of a fixed level monthly income for up to a specific period, as selected at the time of policy purchase.

Increasing Income

Your dependents receive the policy benefit in the form of an increasing monthly income for up to a specific period, as selected at the time of policy purchase.

Basic Life Cover + Monthly Income

Your dependents receive the payout in the form of monthly income for ten years in addition to the lump sum amount.

Basic Life Cover + Increasing Monthly Income

Your dependents receive the term plan payout in the form of an increasing monthly income, in addition to lumpsum amount.

Increasing Cover

Under this option, the sum assured increases at a fixed rate every policy anniversary. At the time of your demise, your family would receive the Sum Assured effective as on the last policy anniversary, as lump sum payout.

Reducing Cover

Under this variant, the sum assured decreases by a fixed rate on completion of every 5th Policy year. Upon your demise within the policy tenure, your nominee would receive the Sum Assured effective on the last policy anniversary, as lump sum payout.

Frequently Asked Questions

✅ What are the different types of life insurance?

Different types of Life Insurance plans in India include –

Term insurance – It provides a pure risk cover to the policyholder and offers the lowest premium rates among other life insurance products

Unit linked insurance plan (ULIP) – ULIPs provide the dual benefit of life insurance and investment returns on the premium paid

Endowment Plan – These plans offer a combination of life insurance and savings under one plan

Term Insurance with Return of Premium (TROP) – The TROP is a form of life insurance which offers to return the total amount of annualized premium paid upon survival of the policy term while providing insurance cover

Whole Life Insurance – This form of life insurance provides coverage to the life assured for his or her entire life

Child Insurance – Child plans offer an opportunity to create wealth to fulfil your child’s life goals such as education and marriage

Retirement Insurance – Retirement plans help you plan your retirement and secure financial independence post-retirement

✅ How to choose the right life insurance?

Here’s how you must choose the right life insurance plan for your family-

Tip 1: Consider your life stage and the number of family members when deciding on a cover amount

Tip 2: Think of how much money your family will require to maintain their lifestyle

Tip 3: The insurance coverage amount should be determined based on your family’s needs and not just your income

Tip 4: You must add any existing liabilities to the cover amount 

Tip 5: Choose the insurance company with the highest Claim Settlement Ratio (CSR)

Tip 6: Consider Riders to maximize your coverage

✅ How does life insurance work?

Life insurance is typically an agreement between you (or policyholder) and a life insurance company (or insurer).

You agree to pay a specific amount of money (also known as a premium) towards the policy regularly. On the other hand, the insurer agrees to pay a sum of money (also known as insurance payout) to your beneficiaries in case of your demise.

There are different forms of life insurance plans, each of which has different premium payment frequencies (monthly, twice a year or annually).  


✅ Which is the cheapest kind of life insurance?

The least expensive variant of life insurance based on the cost of insurance and the size of premium payable is a term life insurance policy. Term insurance, primarily, does not have any cash value (or maturity value). Upon expiry of the policy term, therefore, the plan expires, and you do not receive any survival payouts.

There are term insurance plans with Return of Premium (TROP), which offer to return the total amount of annualized premiums upon surviving the term life insurance tenure. Overall, term life insurance plans provide the highest possible insurance coverage for the least amount of premium paid.

✅ What kind of tax benefits are available with Life Insurance?

You can avail of the following tax benefits with life insurance:

Deductions under Section 80C of the Income Tax Act, 1961, allows exemptions of up to Rs.1.5 lakh per annum on the annualized premium paid towards the insurance policy.

Deductions under Section 10(10D) of the Act, wherein life insurance payouts (or sum assured/coverage) received on either maturity (survival benefit) or upon the demise of the policyholder (death benefit) by the nominee is exempt from tax.

✅ Why should I buy life insurance?

Primarily, anyone who has dependents (parents, spouse, or children) to support and earns an income needs Life Insurance. Here is why you must purchase life insurance:  

To ensure that your loved ones have some financial support in case of your demise

To finance your children’s education and other needs

To have a financial safety net (or savings plan) for the future so that you have a source of regular income post-retirement

To ensure that you have an additional income in case you suffer a loss of income due to any severe health ailment or an accident

To provide support for any financial contingencies and lifestyle requirements

✅ What is the right age to buy life insurance?

The life insurance premiums increase with age, irrespective of gender. Thus, purchasing life insurance as early as possible allows you to avail a lower rate of premium.

Life insurance premium rates remain the same throughout the policy period. Therefore, buying life insurance in your 20s or early 30s allows you to enjoy cheaper premium

The smokers have to pay higher premiums across all the ages. It is not a bad idea to quit smoking, especially when it gets you the double benefits of cheaper premiums and long healthy life!

While the premiums might be low if you buy a term plan when you’re young, you will only need the coverage if you have dependents to look after

Of the life insurance products available, a term plan is the best if you’re looking for a cost-efficient protection plan

✅ Do I have different options to pay my premium?

Yes, there are different premium payment options available. You can choose to pay your premium either monthly, quarterly, half-yearly, or annually. You can also pay the life insurance premium in one go – as a lump sum.

Life insurance plans from Max Life Insurance offer time-saving, convenient, and hassle-free premium payments under the Electronic Clearance System (ECS) service. ECS enables automatic payments of the premium amount from any of your bank account; thus, making sure that you never miss out on your payment deadline.

✅ How much life insurance should I buy?

The objective of life insurance coverage is to provide a financial safety net for your loved ones and/or dependents, so that they do not have to rely on anyone else for support, in your (or the primary breadwinner) absence or in case you are unable to provide for your family due to a permanent disability or illness.

The life insurance must be adequate to help your loved ones maintain the standard of living that you would have provided for them always. Factors which contribute towards determining the life cover include:

Your current annual income

Your financial liabilities (both current and future)

Your life goals

Your age at the time of purchasing life insurance

Ideally, the life cover must be approximately 15 to 20 times your current annual income plus any outstanding loans. 

✅ What happens to my life insurance if something happens to me?

If something happens to you, the following things will happen:

· In case you sustain injuries in an accident or are diagnosed with a severe health ailment, you will receive an insurance payout to help cover the treatment expenses while the policy will continue to provide coverage to your family

· In case of your unfortunate demise, the insurer will pay the life insurance benefit to your family, in the form of a lump sum payout or monthly incomes (for a fixed period), after which the plan will cease to exist

To help you avail maximal insurance cover against life’s uncertainties, Max Life Insurance offers various rider options including:

* Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V03) *

* Max Life Waiver of Premium Plus Rider [UIN: 104B029V03] *

* Max Life Accelerated Critical Illness (ACI) Benefit

These riders increase your life cover, over and above the life insurance policy amount, after you pay a nominal additional payment.

*A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider

✅ What happens if you cancel a life insurance plan?

When you cancel your life insurance plan, you inform the insurance company that you no longer want the plan, and are going to stop making premium payments. In case your life insurance policy has a cash value, you may receive this amount (after deducting the certain fee) upon policy cancellation. After your life insurance policy lapses, the plan will no longer be active, and your beneficiaries will receive no benefits, in case something happens to you.

✅ For how long should I keep my life insurance cover?

Life insurance cover must be based on your life stage and should continue at least until your retirement age. For instance, if you are in your 40s, you should keep your life insurance at least for up to the age of 60 years. Term life insurance plans from Max Life Insurance offer the flexibility to choose the term duration (minimum of ten years to a maximum of 50 years).

Also, the minimum age of buying term life insurance is 18 years, while the maximum age can be up to 60 years. You can purchase life insurance cover for up to 85 years of age.

✅ Do I need life insurance coverage after I retire?

Yes, you need life insurance coverage throughout your retirement, as part of your long-term financial plan for the following reasons:

1. The maturity benefits from life insurance (for example, you receive the total amount of annualized premiums paid under a term plan with return of premium benefit upon surviving the policy tenure) are tax exempt. Thus, you have access to cash, which will provide you with financial independence even after you stop earning a salary.

2. You can provide support for your partner in their retirement years, especially in your absence. The insurance benefit will help your surviving spouse pay certain expenses such as funeral costs, or any existing debt. Having life insurance coverage after retirement will help ensure that your surviving spouse will not be put in a difficult financial situation.

3. There are many life insurance policies (for example, term insurance plans with an in-built critical illness benefit). Thus, your life insurance plan will help you pay for treatment expenses in case you are diagnosed with a critical illness before death. At the same time, you will not have to dig deep into your retirement savings to pay for the medical costs. 

✅ Can I change my beneficiary?

You can make or change your beneficiary or nominee, anytime during the benefit period of an active life insurance policy. You will have to fill out the policy amendment request form. In case you have not specified a nominee or beneficiary at the time of policy application, you must select and specify beneficiary details as soon as possible. Declaring a beneficiary will help facilitate faster settlements of your claim. 

✅ Can I purchase life insurance under the Married Women's Property (MWP) Act?

All married men can purchase a life insurance policy under the MWP Act, including widowers and divorced individuals. All types of life insurance plans are covered under MWP, irrespective of age, time, and the premium amount.

Married women can also purchase an MWP policy in their name and can name their children as beneficiaries. Their husbands will not get anything from the insurance plan, as it will be regarded as a separate asset. If you are self-employed, business owner, have volatile sources of income or need to take a significant amount of credit, you must purchase a life insurance policy under the Married Women’s Property (MWP) Act.

✅ What are the advantages of investing in a life insurance policy?

In addition to giving you, and your family, financial protection investing in life insurance offers many other benefits.

Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.    

Through a Life Insurance policy you can claim a tax benefit under section 80C of the Income Tax Act, up to Rs. 1,00,000.

The maturity benefits from a life insurance policy are tax free under section 10(10D) of the Income Tax Act.

You can invest in a policy that offers you a loan against your amount invested, if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.

You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.

You can add a critical illness rider to your policy, which offers you medical aid in case you are inflicted by a serious illness or injury. Under this rider you can also claim a tax benefit up to Rs. 15,000 as specified in section 80D of the Income Tax Act.

You can also invest in policies in the name of your spouse and children and claimtax benefit, under section 80C, on those policies as well.

✅ Is Life Insurance necessary?

Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children.

It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a  critical illness rider  to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.

✅ How much Insurance cover do I need?

While deciding the cover, it is important to remember that the objective of insurance is to provide financial support to your family and/or dependents, in case you (as the primary breadwinner) are no more, or are unable to earn because of a permanent disability or illness. The life cover you decide on should be adequate to help your family maintain the standard of living you would have provided for them always.

You should keep the following things in mind as you go about the calculations:

  • Your current annual income
  • Your current and future financial liabilities
  • Your financial goals
  • Your age at the time of policy purchase & number of working years left
  • Number of dependent family members & their expenses

✅ How to choose a nominee for your Life Insurance?

The choice of the nominee is entirely dependent on the policyholder. Therefore, you need to assess your family’s needs and the nominee’s accountability before appointing a nominee who will benefit from the compensation.

When buying a life insurance plan, you can nominate anyone as your nominee for the life insurance policy.

Moreover, if you’re wondering, “Can I choose more than one nominees?” The answer is, “yes.” Insurance companies allow policyholders to choose more than one nominee, in case they wish to do so.

You can either add multiple nominees who will be eligible to divide the sum assured (the insurance death benefit) amongst themselves in equal proportion after the death of the policyholder, or one can specify the percentage in which the death benefit has to be divided.

✅ What do you mean by life insurance term (coverage period)?

The period of coverage is defined as a specific period, within which the insurance protection is granted to a policyholder. For most life insurance types, you can freely choose the coverage period.

Therefore, it is advisable that you select a coverage period that helps you extend the life insurance protection over most of your working life. This way, you can make sure that your insurance plan is active while you achieve important goals in life, such as buying a home, financing your child’s education and marriage.

✅ What period of Coverage should you choose?

Ideally, you must purchase life insurance for a tenure that at least coincides with your working years. For example, if you are 25 years old and plan to retire at the age of 60, the cover period should be 35 years. On the other hand, if your financial goals would stretch beyond your retirement (such as child’s marriage, etc), you must choose a policy tenure, long enough to help you cover all such events.

Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

  • Flexibility to choose the death benefit payout as lumpsum or lumpsum & monthly income
  • Comprehensive coverage against death, disability, and diseases with riders
  • Coverage for up to 40 Critical Illnesses



  • Increasing life cover at 5% simple rate every year, till end of Policy Term, at no extra cost
  • Flexibility to choose the death benefit payout as lumpsum or as lumpsum plus monthly income
  • Choice of policy term from 10 to 35 years



  • Limited premium payment term of 11 years
  • Guaranteed return of total premiums (including extra premiums) at maturity
  • Flexibility to choose a protection coverage period of 20/25/30 years


  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan


  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan



  • Safeguard your fund against market volatilities
  • Guaranteed loyalty benefits at the end of each year
  • Financial security for your child, in case you are no longer around


  • Flexible death benefits and their payout options
  • Guaranteed loyalty additions to enhance fund value
  • Guaranteed benefits transferred to nominees



  • Guaranteed income for lifetime
  • Option to choose a single or a joint life annuity
  • Option to receive return of purchase price on death of policyholder



  • Guaranteed payout of 212.5% of sum assured at the age of 75
  • Insurance coverage till 75 years, with withdrawal flexibility
  • Guaranteed benefit for spouse through riders


  • Grow your fund with loyalty additions
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Tax Benefits based on the prevailing tax laws



  • Life cover of 10 times the total premium paid in a year
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Additional wealth boosters to enhance your overall fund value


Related Articles

Related Articles

Top reasons to buy a Life Insurance Policy

Life is unpredictable, and disaster can strike at any time. Therefore, purchasing life insurance is an important step towards ensuring the financial security of your loved ones. It will remain by their side even if you are no longer there.

Why do you need Life Insurance?

Life insurance is a financial instrument that can help your family reduce their financial burden in case you are no longer there. It empowers them to not only continue their current lifestyle but also attain the goals and milestones you planned together.

Advantages of Buying Life Insurance Plan at Early Age

According to a study conducted by the IRIS Knowledge Foundation and UN-Habitat, the population in the 15-34 age group is steadily rising in India. It stood at 353 million in 2001 and rose to 430 million in 2011. By 2020, India will become the youngest country in the world with almost 64% of the population falling in the working-age group.

Comparing Claims of Life Insurance Companies

Life insurance is almost a necessity in today’s world. You never know what may happen, and it is always better to be safe than sorry. Life insurance will provide your family/ dependents financial aid, and allow them to maintain their lifestyle, should anything happen to you. It becomes all the more important if you are the sole breadwinner for your family.

5 Things to Think Before Buying Life Insurance

As your responsibilities grow, it becomes increasingly important to protect the current and plan for the future. Life Insurance is an effective financial planning tool that provides multiple benefits ranging from Protection, Savings, Tax Benefits, etc. But before you purchase a life insurance policy, it's important to be well equipped to choose a plan that meets your needs and requirements.


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