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Know the many types of life insurance policies in India

Different life insurance types render an array of unique benefits. Here are different types of life insurance options for you to consider.

  • 3,410 Views | Updated on: Apr 08, 2024

In very basic terms, life insurance can be defined as a contract between a policy owner and an insurer which helps the policy owner gain assurance and peace of mind of having a good amount of sum assured for their beneficiaries in case something were to happen to them. There are various kinds of life insurance policies in the market that you can have a look at to choose one as per your needs.

From fulfilling the daily family expenses in the absence of a breadwinner to helping with larger financial expenses, different life insurance types render an array of unique benefits. Here are different types of life insurance options for you to consider:

Term Life Insurance

As the name suggests, in this plan, the policyholder can choose the term period for the policy and generally, it ranges between 10-30 years (some insurance companies offer more). The best policies help in balancing affordability with strengthening the financial aspect in the long term. It includes the following:

  • Decreasing term life insurance
  • Convertible term life insurance
  • Renewable term life insurance

Permanent Life Insurance

Permanent life insurance stays with the policy owner until they deny the premium payment or opt for surrendering the policy. These premiums for permanent life insurance are relatively higher than other kinds of life insurance policies and include the following variants -

  • Whole life
  • Universal life
  • Indexed universal
  • Variable universal

Selecting the Correct Life Insurance Policy for You

If you are wondering about how many types of life insurance are there and struggling with choosing one for you, here are some things you can look into.

- Begin with setting your goals and expectations. Also, it is imperative to look at the expenses that you incur on a regular and monthly basis before choosing a life insurance policy.

- There are different types of life insurance in the market. You should look for plans that best suit the needs of you and your family to have a financially stable future.

- Understand the market availability of the companies that offer life insurance types. Have a look at as many as possible and compare to see what works the best for you.

- Take a close call for the inclusions and exclusions of the different types of life insurance plans by looking into factors like life coverage, claim settlement ratio, and other important records.

- Opt for a professional consultation to avoid confusion amongst the various kinds of life insurance policy.

Term Life Insurance

Advantages of Opting for a Life Insurance Policy

There are different types of life insurance with their unique features that have many advantages. Some of them are mentioned below.

  • The different life insurance types ensure that they reduce the hardships on the family of the deceased by enabling them to lead a comfortable lifestyle.
  • With the different types of life insurance available, there are many ways in which you can save a good amount of tax as per the Income Tax Act of 1961.
  • These kinds of life insurance policy add tax-free dividends and additional strategic opportunities for you to avail yourself the most benefits.

The kind of peace that comes with securing your loved ones is simply unparalleled. Once you know about how many types of life insurance are there, there are a lot of options in store for you. A life insurance policy is always a good backup plan for everyone out there!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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