Overview
The premium of an insurance policy is the amount that you need to pay to purchase a specific amount of insurance cover. It is typically expressed as a regular cost, be it monthly, quarterly, half-yearly, or annually, that you incur during the premium payment term. There are various factors based on which an insurance company calculates the premium of an insurance policy. The idea behind is to check the eligibility of an insured individual for the specific type of insurance policy that he/she wants to buy.
You should also know that different insurance companies may ask for different premiums for similar types of policies. So, selecting the right one at a price you can afford does require some effort.
Typs of Insurance
Family Health Insurance
Secure your family's well-being with comprehensive health coverage tailored to their needs.
LIC Plan
Invest in your future with trusted Life Insurance Corporation plans designed to safeguard your financial stability.
Life Insurance
Ensure your loved ones are financially secure in the event of your absence with reliable life insurance solutions.
Self Health Insurance
Prioritize your health and future with personalized health insurance plans tailored to your individual needs.
Term Life Insurance
Provide financial protection for your family over a specific period with flexible and affordable term life insurance options.
Home Insurance
Safeguard your most valuable asset - your home - against unforeseen events and damages with comprehensive home insurance coverage.
Business Insurance
Shield your business from potential risks and uncertainties with specialized insurance solutions tailored to your industry and operations.
General Insurance
Protect your assets and mitigate risks with a wide range of general insurance policies for your peace of mind.
Family Health Insurance
What is family health insurance?
A family health insurance plan is an affordable option to help you tide over rising medical expenses. It ensures that your family has access to high-quality healthcare services without any compromise. These plans generally cover the policyholder, spouse, and children. Furthermore, several family medical insurance policies also allow the inclusion of parents as well as
in-laws.
Insurers offer the sum insured on a floater basis and cover various medical expenses, including hospitalisation, pre-and post-hospitalisation, etc.
You also get a 100% reinstatement of the sum insured based on the health insurance plan chosen.
Feature
Specification
Cashless claim settlement
Across 8,000+ network hospitals
Family coverage
Self, spouse, son, daughter, father, and mother
Expenses coverage
Up to Rs. 50 lakh
Ambulance charges (per year)
Up to Rs. 20,000
Tax benefit
Included
Cashless claim process
Within 30 minutes
Daycare procedures
586 daycare procedures covered
Cumulative bonus
10%-50% on the sum assured
- Easy to manage
- High sum insured
- Add members
- Add-on benefits
- Tax benefits
- Free annual medical tests
- Ambulance charges
- No pre-medical examinations
- Daycare procedures
LIC Plan
What is LIC Plan?
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during:The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: That of dying prematurely leaving a dependent family to fend for itself.That of living till old age without visible means of support.
- Policyholder
- Premium
- Maturity
- Insured
- Sum Assured
- Policy Term
- Nominee
- Claim
- Contract Of Insurance
- Protection
- Aid To Thrift
- Liquidity
- Tax Relief
- Death Benefit
- Guaranteed Income
Life Insurance
What is a Life Insurance Policy?
A life insurance policy is an agreement between an insurance company and a policyholder, where the life insurer promises to pay a fixed amount of money in exchange for premiums paid periodically, after a set time period or upon the life insured’s death.
There are two simple types of life insurance policies:
- Pure Protection plan, i.e., Term Insurance Plan: Pure Protection plans, also called term insurance plans, are designed to protect your family's future by providing a lump sum payment in case of your untimely demise.
- Savings Plan A savings plan is a financial product that helps you plan long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.
Financial Security
The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality.
Death Benefit
In case of any unfortunate event with the policyholder, the insurer provides financial benefit in the form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over time.
Maturity Benefits
Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term. The maturity amount in different plans, like term return of premium plans, can also be the return of premiums paid throughout the policy tenure.
Guaranteed Returns
Life insurance plans guarantee that you receive a fixed amount after a specific term. The return you get can help in paying the loan, child’s higher education, and other expenses.
Wealth Creation
Life insurance plans like ULIP, endowment, or savings plans offer both wealth creation and protection benefits. Choose based on your risk appetite to build a corpus for future goals.
Tax Benefits
Policyholders can claim tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws.
Riders
Riders such as critical illness, waiver of premium, etc. are add-ons to your current base plan, which help customize the life insurance policy plan according to your specific needs.
Retirement Planning
Annuity-based life insurance plans give a monthly pension to the policyholder on maturity and help plan a secured retirement.
Type of Life Insurance
TERM INSURANCE
INVESTMENT PLANS
Market Linked Systematic Investment Plan (ULIP)
Unit linked investment plans (ULIPs) are unique market-linked life insurance plans that provide dual benefits of wealth creation through investments (in equity, debt or both) and a life insurance cover. High performing ULIPs have shown 15-20% returns (tax free), making it a popular choice for medium to long term investors.
Guaranteed Return Plan (Endowment Policy)
A guaranteed return plan or an endowment plan offers combined benefits of savings and insurance. It helps you save systematically on a regular basis and receive the maturity benefit on the survival of the policy term. These plans also offer death benefits on the death of the policyholder during the policy term.
Child Plan
These plans are designed to enable financial security for children where the returns on the investment help fulfill a child's future needs like education. Child plans specifically ensure these remain intact even in your absence by providing life cover to the nominee & funding the balance premiums through the insurer, thus securing the financial future of the child
Family Health Insurance
Secure your family's well-being with comprehensive health coverage tailored to their needs.
LIC Plan
Invest in your future with trusted Life Insurance Corporation plans designed to safeguard your financial stability.
Life Insurance
Ensure your loved ones are financially secure in the event of your absence with reliable life insurance solutions.
Self Health Insurance
Prioritize your health and future with personalized health insurance plans tailored to your individual needs.
Term Life Insurance
Provide financial protection for your family over a specific period with flexible and affordable term life insurance options.
Home Insurance
Safeguard your most valuable asset - your home - against unforeseen events and damages with comprehensive home insurance coverage.
Business Insurance
Shield your business from potential risks and uncertainties with specialized insurance solutions tailored to your industry and operations.
General Insurance
Protect your assets and mitigate risks with a wide range of general insurance policies for your peace of mind.
What is family health insurance?
A family health insurance plan is an affordable option to help you tide over rising medical expenses. It ensures that your family has access to high-quality healthcare services without any compromise. These plans generally cover the policyholder, spouse, and children. Furthermore, several family medical insurance policies also allow the inclusion of parents as well as in-laws. Insurers offer the sum insured on a floater basis and cover various medical expenses, including hospitalisation, pre-and post-hospitalisation, etc. You also get a 100% reinstatement of the sum insured based on the health insurance plan chosen.
| Feature | Specification |
|---|---|
| Cashless claim settlement | Across 8,000+ network hospitals |
| Family coverage | Self, spouse, son, daughter, father, and mother |
| Expenses coverage | Up to Rs. 50 lakh |
| Ambulance charges (per year) | Up to Rs. 20,000 |
| Tax benefit | Included |
| Cashless claim process | Within 30 minutes |
| Daycare procedures | 586 daycare procedures covered |
| Cumulative bonus | 10%-50% on the sum assured |
- Easy to manage
- High sum insured
- Add members
- Add-on benefits
- Tax benefits
- Free annual medical tests
- Ambulance charges
- No pre-medical examinations
- Daycare procedures
What is LIC Plan?
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during:The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: That of dying prematurely leaving a dependent family to fend for itself.That of living till old age without visible means of support.
- Policyholder
- Premium
- Maturity
- Insured
- Sum Assured
- Policy Term
- Nominee
- Claim
- Contract Of Insurance
- Protection
- Aid To Thrift
- Liquidity
- Tax Relief
- Death Benefit
- Guaranteed Income
What is a Life Insurance Policy?
A life insurance policy is an agreement between an insurance company and a policyholder, where the life insurer promises to pay a fixed amount of money in exchange for premiums paid periodically, after a set time period or upon the life insured’s death.
There are two simple types of life insurance policies:
- Pure Protection plan, i.e., Term Insurance Plan: Pure Protection plans, also called term insurance plans, are designed to protect your family's future by providing a lump sum payment in case of your untimely demise.
- Savings Plan A savings plan is a financial product that helps you plan long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.
| Financial Security | The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality. |
| Death Benefit | In case of any unfortunate event with the policyholder, the insurer provides financial benefit in the form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over time. |
| Maturity Benefits | Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term. The maturity amount in different plans, like term return of premium plans, can also be the return of premiums paid throughout the policy tenure. |
| Guaranteed Returns | Life insurance plans guarantee that you receive a fixed amount after a specific term. The return you get can help in paying the loan, child’s higher education, and other expenses. |
| Wealth Creation | Life insurance plans like ULIP, endowment, or savings plans offer both wealth creation and protection benefits. Choose based on your risk appetite to build a corpus for future goals. |
| Tax Benefits | Policyholders can claim tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws. |
| Riders | Riders such as critical illness, waiver of premium, etc. are add-ons to your current base plan, which help customize the life insurance policy plan according to your specific needs. |
| Retirement Planning | Annuity-based life insurance plans give a monthly pension to the policyholder on maturity and help plan a secured retirement. |
TERM INSURANCE
INVESTMENT PLANS
Market Linked Systematic Investment Plan (ULIP)
Unit linked investment plans (ULIPs) are unique market-linked life insurance plans that provide dual benefits of wealth creation through investments (in equity, debt or both) and a life insurance cover. High performing ULIPs have shown 15-20% returns (tax free), making it a popular choice for medium to long term investors.
Guaranteed Return Plan (Endowment Policy)
A guaranteed return plan or an endowment plan offers combined benefits of savings and insurance. It helps you save systematically on a regular basis and receive the maturity benefit on the survival of the policy term. These plans also offer death benefits on the death of the policyholder during the policy term.
Child Plan
These plans are designed to enable financial security for children where the returns on the investment help fulfill a child's future needs like education. Child plans specifically ensure these remain intact even in your absence by providing life cover to the nominee & funding the balance premiums through the insurer, thus securing the financial future of the child
FAQs
Health insurance primarily covers an individual's medical expenses, whereas family health insurance is designed to provide coverage for the entire family. This includes the policyholder, their spouse, and dependent children. The premium for a family medical insurance policy is generally higher than an individual health insurance policy, as it offers coverage for multiple members. A family medical insurance policy is an affordable way to provide comprehensive healthcare coverage for the entire family. It ensures that medical expenses do not cause a financial burden to the family in case of an illness or accident. Moreover, it offers peace of mind to the policyholder. So, they do not have to worry about the medical expenses of their spouse or children in case of a medical emergency.
Yes, you can add your parents to the family health insurance policy. There may be an increase in the premium, depending on their age and pre-existing diseases.
Yes, Nominee can be changed any number of times.
Policy number will be provided by LIC after completion of the policy. Client ID can be created after completion of the policy through LIC website.
Yes, life insurance is a worthy purchase. Anybody with financial dependents will find the benefits of buying life insurance attractive. In case of the demise of the only income earner, a life insurance policy becomes a financial safety net that helps your loved ones pay for expenses such as a loan, childcare, education, health, and many other everyday bills. Life insurance is an affordable way to financially protect the people you love most.
The life insurance amount that your family will receive after your death is known as the death benefit. After your death, your appointed beneficiary will apply for the claim and will need to submit the necessary documents to the insurer. After verification, the beneficiary will receive the amount within 30 days if the claim does not require investigation.