Life Insurance

Life insurance purchase

You need to spend maximum time deciding on buying the most suitable life insurance plan at this stage. The life insurance quotes for your financial profile will help you make the decision. Although the best life insurance policies offer the flexibility to choose the benefits, the ultimate choice lies in your hands.

Hence, you must consider various factors, like plan tenure, premium, riders, and, most importantly, the reason to buy life insurance and find the life insurance quotes. You can then buy the plan online or offline as per your preference.

Premium Payment

As per the life insurance contract, the insurers promise to pay a pre-decided amount to the life insured or policy nominee provided the insured pays the premium without fail. In other words, all the benefits that you can get under a life insurance policy are based on the timely premium payment.

• To calculate premiums for term insurance use Term Insurance Calculator.
• To calculate premiums for investment plans use Investment Calculator.

Hence, it is advisable to choose a premium that you can easily pay on time along with other financial liabilities. Your life insurance quotes will allow you to speculate on the premium costs in the coming years.

Claim Filing

The last stage of a life insurance plan is related to filing for a claim to get the expected insurance benefits.

In case of your unfortunate demise, the nominee will receive the sum assured as defined in the contract. To receive it, the nominee has to submit a claim form along with various documents. Upon verification of claim, the insurance company releases the benefit to the nominee.

For life insurance plans with a return of premium option, the insured gets the total of all premiums paid back if insured person survives the policy term, which can be used to achieve several life goals.

The following are the benefits of life insurance:

• Provides Financial Security for Your Family
  Life insurance ensures that your loved ones are financially protected in case of your untimely death. The payout helps your family cover living expenses, pay off debts, and maintain their lifestyle even in your absence.
• Acts as a Long-Term Savings Tool
  Certain life insurance plans combine protection with savings, allowing you to build a financial corpus over time. This can serve as a stable source of income during retirement or for future needs.
• Supports Your Children’s Future
  It can support the education, marriage, or other major milestones of your children. So, it ensures that your financial difficulties do not affect their future ambitions.
• Provides Income during Health-Related Setbacks
  Some policies offer financial support if your earning capacity decreases due to a severe illness or accident. This benefit can help you manage treatment costs and household expenses during recovery.
• Prepares You for Unexpected Expenses
  Life insurance assists you in managing unexpected financial requirements or emergencies. It provides liquidity and financial stability, allowing you to manage lifestyle expenses or sudden obligations without stress.

Following are the most important types of life insurance available in India:

Let's understand all the types of life insurance briefly below.

Term Insurance

It is the simplest types of life insurance that provides financial safety to the life insureds family in case of the untimely demise. Depending on your income and liabilities, you can select an adequate sum assured under this type of life insurance plan to safeguard the financial interest of your loved ones.

ULIP

A Unit Linked Insurance Plan or ULIP is a unique form of life insurance. It provides life cover while also allowing you to invest money in market-linked instruments. By investing in ULIPs, you get the benefits of market linked returns over the long term, life cover, income tax savings, and flexibility to switch between funds. The life insurance quotes will enable you to determine the amount required for financial security and investment purposes, so that you can divide it efficiently.

Retirement Plans

These plans are insurance policies that provide financial security for your retirement days. These life insurance plans help you invest money during the working years and create a corpus that you can use as a whole or in parts to fund your retired life. You can think of investing in retirement plans as a disciplined way to plan for the golden years of life.

Child Plans

Child insurance plans, commonly known as saving life insurance plans, are designed to help you secure your child\'s future. Along with life cover, your child receives the benefit of pay-outs at different milestones during the educational journey under these life insurance plans. Investing in child plans shields your child\'s future against unfortunate events like death or critical illnesses

Savings and Income Plans

As life insurance products, these plans can help you instill the habit of disciplined savings to ensure steady returns in the form of monthly income or a lumpsum amount. Alongside, these life insurance plans provide various other benefits, including death benefits, tax benefits, terminal illness benefits, to name a few. Check the life insurance quotes and details before making investment decisions, so you can allocate your money in the right places

Group Insurance Plans

These life insurance plans are meant for organizations or groups to provide life cover to the employees or group members, respectively. Through group insurance plans, the employers tend to take care of the financial security of their employees’ family, thus motivating them to work harder to maintain high-performing businesses. Keeping this cover in mind, you can check the life insurance quotes for additional financial security for your loved ones.

Whole Life Plan

A whole life plan is type of a life insurance plan which provides life cover benefit till the age 100 years. Many consider this as a term plan with a policy term that extends for the entire life of the insured individual. So, in this term plan variant, the death benefit is paid out to the nominee if the insured individual dies at any time before attaining the age of 100 years. A whole life plan typically does not offer maturity benefit to the insured individual if they attain the age of 100 years.

Endowment Plan

An endowment plan is a type of life insurance plan that combines the benefit of life cover along with long-term savings benefits. So primarily, an endowment plan ensures that the policy beneficiary received additional protection in the case of the insured individual’s untimely demise while the plan is in force. Additionally, this life insurance plan also provides maturity benefits through accrued savings if the insured individual survives the policy term.

Many investors tend to make a common mistake of investing in instruments without factoring their entire financial picture – the equity they have built-in their home, existing loans, and other liabilities. Ideally, every asset and investment you own should factor into your risk-reward equation.

Getting your life insurance plan at an appropriate stage in life allows you to take more risk when it comes to securing your life and making sure that you provision a significantly large financial corpus (in the form of insurance coverage) as backup against contingencies, while continuing to invest for other life goals. Moreover, with a life insurance plan in your pocket, you can be sure that even if something happens to you, your family will not have to deal with a financial crisis at any time during their lives.

Planning with life insurance plans will help your family stay financially protected, serving as a safety net that will prove useful in case of an eventuality. Also, the insurance coverage will augment the total accumulated value of your investments, making sure that your loved ones continue to have a lifestyle that you intended for them, even if you are not there with them.

When you buy life insurance, you buy protection plan that’s carefully designed to protect your family from future mishaps. If something unfortunate happens to you, your insurer makes sure that the payout is paid timely to your chosen nominee.

This life insurance payout helps your kids, spouse, parents manage everyday expenses and other financial responsibilities without depending on others or drowning in debt.

The process of buying a life insurance starts by choosing the right type of policy. How do you define the right policy? Well, it’s simple. You choose the sum assured, policy duration, premium amount, and optional riders that suit your lifestyle and needs.

It’s recommended to factor in family size, any current loans, and long-term financial commitments while deciding life insurance coverage.

After selecting a plan and completing an application, you might have to go through medical tests to assess health risk appropriately. Your accurate premium is decided on the basis of your age, lifestyle, profession, and medical history.

Upon approval, you pay the first premium and your policy gets activated. You receive a policy document, usually online, sometimes offline too, which has policy conditions, benefits, and exclusions in simple, clear language.

You have to pay premiums on time to keep the policy active. A lapsed policy puts your family’s future at risk because the insurer cannot provide benefits if coverage is inactive. Most insurers also offer grace periods to help policyholders maintain continuity.

Now your job is to keep paying the premiums on a monthly, quarterly, of annual basis so that your policy doesn’t get lapsed.

In case of unfortunate event, during the active policy period, your nominee can file a claim with the insurer. The claim process generally involves submitting the claim form, death certificate, and identity documents.

Insurers review the claim and release the payout after following standard verification procedures. This ensures your family receives timely support without unnecessary stress. With Axis Max Life Insurance’s Insta Claim facility, claim is paid within a few hours, without any hassle.

The most important reason to consider a life insurance is to provide long-term financial protection to your family when they need it the most. When you look at the dynamics of most Indian families, a single income supports multiple dependents. The sudden loss of that income can cause financial stress and put your kids, spouse, and parents in a tough spot.

When you look at the dynamics of most Indian families, a single income supports multiple dependents. The sudden loss of that income can cause financial stress and put your kids, spouse, and parents in a tough spot.

Life insurance absorbs that shock by offering a guaranteed payout to your family in case of your unfortunate demise.

With this amount, it will be easy for them to manage daily expenses, lifestyle needs, and future goals. It ensures that they have their financial independence rather than depending on relatives or loans.

Life insurance is extremely crucial for you if you have long-term responsibilities. Your long-term responsibilities include children’s education, your parents’ medical bills, or loans taken for a home or any other needs.

Life insurance encourages disciplined saving through regular premium payments. There are some types of term life insurance plans that offer maturity benefits that help build wealth over time.

If you fall under the old tax regime, your life insurance premiums may qualify for tax benefits, helping you save more while securing your family’s future.

An important thing to keep in mind is that young and healthy individuals enjoy lower premiums and wider plan options.

You should buy life insurance because it provides certainty and protection in situations where your family may have to go through financial stress. Buying a policy ensures your dependents receive financial support if something unexpected happens to you.

This support helps them manage essential expenses without affecting their long-term goals. In Indian households, financial responsibilities often extend across generations.

You may be supporting parents, spouse, children, or even siblings based on family expectations. Life insurance ensures these responsibilities continue without disruption.

Buying life insurance ensures your family maintains their current lifestyle. Your income helps pay for rent, EMIs, school fees, and daily expenses, which cannot stop suddenly. A life insurance payout replaces this income and reduces financial shock.

One major reason to buy life insurance is protection from long-term liabilities. Many people take home loans, education loans, or business loans to fulfil family needs. If something happens to you, these obligations can put your dependents under immense pressure. Life insurance ensures your family does not lose assets or face pressure.

At its core, life insurance is a financial benefit for possible contingencies linked to human life. These include death, disability, or retirement. When these contingencies occur, they result in loss of income for the household. It is where a life insurance plan works to benefit you and your family.

Under a life insurance plan, a monetary sum is offered as per life insurance plan opted to help cope up with the loss of income in the future years. Depending on your life insurance quotes, it can relieve a significant amount of financial burden. Hence, you should buy life insurance:

1. To ensure financial support to your immediate family after you
2. To finance your child's education plans
3. To get a steady source of income in life
4. To get insurance benefits in case your earnings are impacted due to a critical illness

Having life insurance gives you more than just a life cover. It also helps create wealth over the long term for you and your loved ones. Most importantly, life insurance gives peace of mind that your family will live life comfortably, should anything happen to you.
Buying life insurance is a good decision for people at different life stages.

For newly married people

After you have just tied the knot with a better half, you get the responsibility to plan for his/her well-being as well. Your life insurance quotes as a single person and married person will vary as you will have increased financial obligations. Along with the plans that you have already made for the life ahead, it always helps to prepare for the future with a life insurance plan.

For young parents

As a young parent, you can feel immense joy all around. Alongside your spouse, you now have another life to care for. With a life insurance plan, you can plan for your child\'s future in terms of education, marriage, and many others. The life insurance quotes when you buy a plan for your child\'s future will account for these factors. They will ensure that your kids’ dreams get fulfilled as planned.

For individuals with financial liabilities

Along with a growing family, the liabilities grow as well. To accommodate your loved ones, you buy a bigger home or buy a dream car that they all love, which gets added to your liabilities. Purchasing a life insurance plan for your loved ones ensures that your loved ones can shoulder these liabilities easily, if you have the right life insurance quotes.

For people nearing retirement

Retirement planning is something that you should not take lightly, regardless of your current income. By investing in a life insurance plan, you can build a corpus for your twilight years and live life without facing financial dependence. You can also plan to receive a steady income during the retired life by getting reliable life insurance quotes, at the right stage in life.

Life insurance helps you to take care of family’s financial security in future. Before applying you should keep the following documents ready at your end to speed up the processing:

Life insurance is an important financial commitment. However, many people think that the process of buying an insurance plan India is too complicated, but the reality is somewhat opposite. You can follow the instructions below and get a policy in no time:

Almost all insurance companies in India have made life insurance plans available online, and a rising number of people are choosing the online mode. If you are still confused about what method you should choose, then here is a rundown of some advantages of buying a life insurance plan online:

The ideal amount of life insurance coverage varies for each individual and depends on several personal and financial factors, including:

• Number of Dependents
  The more individuals depend on your salary, the greater the coverage you are going to need to provide them with financial security.
  For example, if you have a family of 4 and are the sole earning member, you must select a sum assured amount which is 15 to 20 times your annual income. Say a ₹2 crore life insurance policy if you are earning 10 Lacs annually. This helps ensure that there is adequate financial coverage for all your dependants.
• Desired Lifestyle for Your Family
  Take into account the quality of life you would wish your family to live in if you’re not around.
• Children’s Education Expenses
  Consider future education expenditure and other key financial objectives of your children.
• Investment and Financial Goals
  Your coverage must be in line with your long-term financial strategies, such as savings or wealth-building requirements.
• Prepares You for Unexpected Expenses
  Life insurance assists you in managing unexpected financial requirements or emergencies. It provides liquidity and financial stability, allowing you to manage lifestyle expenses or sudden obligations without stress.

We all know that life insurance can give us a much-needed sense of security, but can we afford the insurance premium? If you are wondering what affects your life insurance premium in the first place, then check the below listed factors, before you commit:

1- Your Age: Generally, younger individuals are subjected to lower premiums. As age increases, the risk of insurance providers rises and resulting in higher premiums.

2- Policy Term: Long-term policies come with higher premiums due to the extended coverage period.

3- Sum Assured: A higher sum assured corresponds to a higher life insurance premium. The reason for this is that a higher payout raises the risk for the insurer, which impacts the premium price.

4- Medical History: Life insurance companies in India may request a medical examination to assess overall health. Existing health conditions at the time of examination can result in higher premiums.

5- Occupation: Riskier occupations like mining work lead to higher premiums, reflecting the increased likelihood of potential claims.

1- Determine Your Insurance Needs: In order to select the right life insurance, amount of coverage, and policy term, you have to start by figuring out your family's financial requirements, future goals, and current lifestyle.

2- Compare Plans and Premiums: Select a life insurance policy that offers maximum value at a premium that completely fits your budget. For comparison, you can use take help of a life insurance calculator and check different plans.

3- Consider Your Budget: Age, health, and policy type can influence the cost, so it's important to select a premium amount that you can afford on a monthly or yearly basis.

4- Check for Riders: Life insurance riders add a great value in your new/existing policy as they enhance your coverage in unfortunate events like accident or illness. So, take your time to consider your needs before deciding which ones to select.

5- Check the Claim Settlement Ratio (CSR): Only consider insurance providers such as Axis Max Life Insurance that show a demonstrated history of consistent high claim settlement ratio over at least last 3 years while choosing an insurance policy India.

6- Check Company Reputation: Before selecting an insurance company, you must research its financial stability, claim settlement ratio and customer service record. It ensures that your insurance needs will be met in an efficient manner.

Axis Max Life Insurance is known for its strong customer-centric approach and financial stability, which offers various insurance plans, including savings, protection, and pensions. So, if you are wondering why you should choose Axis Max Life as your life insurance partner, here are some top reasons that help you to know more about it:

• Axis Max Life Insurance is a joint venture between Axis Bank Ltd. and Max Financial Services Ltd. So, it brings double trust of two large Indian companies.
• With a claim settlement ratio (CSR) of 99.70%, Axis Max Life offers assurance to insurance buyers in case of any unfortunate development in life.
• Axis Max Life focuses on customer satisfaction and ensures smooth customer buying journeys.
• The company provides a very understandable claim settlement process in case the nominee files the claim.
• The company is committed to an excellent customer support service to insurance buyers.

Axis Bank + Max Life Insurance = Axis Max Life Insurance = Double The Bharosa!

Axis Max Life Insurance Term Plans

Axis Max Life Insurance Savings Plans

ULIPs from Axis Max Life Insurance

Axis Max Life Online Savings Plan:

Child Plans from Axis Max Life Insurance

Retirement Plans from Axis Max Life Insurance

NRI Plans

A claim refers to an official request filled with your insurance company claiming a payout an eligible event in case of policyholder's demise/maturity. To file a life insurance claim, here are the steps you have to follow:

Axis Max Life Insurance provides flexibility in how your family receives the policy benefits after your passing. You can select a payout option based on what best fits your family’s financial needs and comfort.
The available options include:

• Lump Sum Payout
  In this option, the nominee gets the whole sum assured amount in one payment in case of the death of the insured individual within the policy period. This offers instant access to money and assists the family to meet huge financial obligations, including repaying loans, school fees or family bills.
• Acts as a Long-Term Savings Tool
  Certain life insurance plans combine protection with savings, allowing you to build a financial corpus over time. This can serve as a stable source of income during retirement or for future needs.
• Lump Sum + Monthly Income Payout
  Under this arrangement, the nominee gets the sum assured amount as a one-time payment, along with fixed monthly payments over a certain period of time (selected by the policyholder at the time of purchase).
  This guarantees the immediate monetary relief and also a continuous flow of income to cover your daily living costs, thereby providing your family with monetary stability in the long run.

Life insurance claims are classified into three categories, i.e. death claims, rider claims, and maturity claims. To get life insurance claims settled easily, you have to submit the following relevant documents to the insurer:

Medical/Natural death:

Accidental/Unnatural death:

1- Accident: An accident is an unplanned circumstance that occurs suddenly, typically resulting in unintended.

2- Agent: The agent of the insurance company sells its products and works as is an intermediary between the policyholder and an insurer.

3- Annual premium: The amount that an individual or entity has to pay annually to an insurance company for the policy opted.

4- Cash value: The investment or saving component of permanent life insurance that grows over time and under some specific circumstances, can be accessed by the policyholder.

5- Beneficiary: In the event of policyholder death, the individual or entity will get the benefits of the insurance policy or bank account.

6- Death benefit: If the insured person passes away, then the insurer pays your nominee(s) as per the agreement in the insurance policy

7- Free-look period: This is the time during which you may cancel the insurance policy without losing the premium paid.

8- Grace period: This is a specified time period that allows the policyholder or insured to make the premium payment that has been delayed. If you do not pay the premium within the grace period (15 days for monthly premium plans and 30 days for other plans), your term insurance policy will expire.

Maturity date: It takes place when a life insurance policy expires and the policyholder gets the cash value or other agreed-upon advantages.

10- Limited premium: It is a cost that can only be paid for a specific, time-limited period. Policies coming with limited premium option helps you to save money.

11- Term insurance premium: This is the amount of money that the insurance company charges in return for the coverage offered under a term insurance plan.

12- Policy term: The time frame of the life insurance coverage is known as the policy term. It is the period of time, expressed in years, that the policyholder decides from the start of the life insurance plan until its maturity.

13- Claim: It’s a formal request raised by policyholder/beneficiary/nominee to the insurance company for the payment of benefits of the policy.

14- Riders: Riders are additional benefits that can be separately purchased to get different kinds of coverage under an insurance plan, such as cover for accidental death, critical illness, or total or partial disability. All you have to do is pay an additional nominal premium. If you wish to opt for it

15- Joint life insurance: This life insurance plan provides coverage to two people. It's beneficial for a spouse who wants to insure both of their lives under a single policy.

16- Nominee: The person designated by the policy owner to receive the benefits in case of life assured dies. Spouse or children are made nominee by policyholders.

17- Maturity: Period/point of time after which the policyholder/beneficiary gets the promised benefits under the life insurance.

18: Reinstatement: The process of reactivating a lapsed insurance policy due to non-payment of premiums.

19- Lapsed Policy: A deactivated/expired policy due to failure in premium payment.

20- Policyholder: The individual/entity who owns the insurance policy and supposed to receive the benefits under agreement.

21- Life Assured: The individual/entity for whom the insurance policy provides life coverage.

22- Claim Settlement Ratio (CSR): No. of claim settled against raised claims by a life insurance provider in year. Always look for insurers with highest claim settlement ratio.

23: Quote: An insurance quote denotes the estimate of price you are supposed to pay for your policy.

Buying life insurance in India can be a smart choice for NRIs due to the following reasons:

• Financial Protection for Family
  The need to support loved ones in India is one of the major priorities of many NRIs. A life insurance policy provides financial security to your dependents in the event of your passing, helping them manage living costs, repay loans, and maintain their quality of life. The death benefit guarantees that the financial future of your family is not lost just because your income is gone.
• Simplified Estate and Wealth Planning
  NRIs often hold assets across different countries, which can make estate distribution complicated. Life insurance makes transferring wealth to the heirs easy, as it provides them with quick access to the funds without the tedious legal processes.
  Moreover, the death benefit is usually tax-free, which makes passing on wealth an efficient and tax-saving instrument
• Helps Achieve Long-Term Financial Goals
  Life insurance can also be a structured savings plan towards your financial milestones. Whether you are planning your child’s education, purchasing property in India, or preparing for retirement, various policies offer maturity benefits that can be aligned with your long-term goals.
• Offers Tax Advantages
  Life insurance is also beneficial from a tax planning perspective. Premiums paid towards your policy may qualify for deductions under Section 80C of the Indian Income Tax Act.
  Similarly the payout received by beneficiaries is exempt under Section 10(10D), subject to applicable conditions. These provisions make it a smart investment for both protection and tax savings.
• Protects Against Currency Fluctuations
  Exchange rate volatility can impact the value of your overseas earnings and investments. By investing in a life insurance policy denominated in Indian Rupees, NRIs can protect a portion of their wealth from currency risk and ensure stable financial returns in the long run.
• Peace of Mind While Living Abroad
  Life abroad can be unpredictable, and being far from family often adds emotional strain. A life insurance policy offers reassurance that your loved ones will remain financially secure no matter what happens.
  This give you a much needed assurance to live and work overseas with confidence and peace of mind.

Life insurance needs evolve with age and career growth. Here is how buying the right policy at different life stages can help young professionals build financial security and long-term stability: