Life insurance plans serve as a financial agreement where an individual regularly pays premiums to an insurance company. In return, the insurer provides a lump sum to the individual’s family or beneficiaries upon their passing. This monetary support helps cover expenses like household costs, loans, or other future needs, ensuring financial stability for loved ones in the absence of the policyholder.
Term Insurance
Family’s Financial Safety
Term insurance is designed to protect your family financially by offering substantial coverage at low premiums. If the policyholder passes away during the policy term, a lump sum is given to the family/nominee as a safety net.
Investment Plan
Life Protection & Wealth Growth
An investment plan is perfect for achieving goals such as funding education or ensuring a steady post-retirement income. These plans combine long-term wealth creation through market-linked or guaranteed returns with life insurance coverage.
Get A Free Life Insurance Quote
Start NowA life insurance policy is a formal contract between an insurer and a policyholder. The insurer agrees to pay a predetermined amount after a fixed period or upon the insured individual’s death in exchange for regular premium payments.
Term Life Insurance Plans
Designed solely for protection, these plans provide financial security to the policyholder’s family in case of an untimely demise.
Savings/Investment Plans
These plans combine life protection with financial planning for goals like homeownership or children’s education.
A life insurance policy is a formal contract between an insurer and a policyholder. The insurer agrees to pay a predetermined amount after a fixed period or upon the insured individual’s death in exchange for regular premium payments.
The most affordable option is that this plan offers financial coverage for a specified period. In the event of the policyholder’s death, the nominee receives the assured amount.
With TROP, the policyholder receives all premiums back at the end of the term if no claims are made. In the case of death during the term, the nominee receives the assured sum.
These allow early termination with a refund of all premiums paid. If the policy isn’t terminated, it operates like a standard term plan.
Coverage extends up to 99/100 years, ensuring lifelong financial protection or legacy creation for the family.
Financial Protection
Offers a safety net for the policyholder’s family in case of unfortunate events like death or disability.
Guaranteed Returns
Guaranteed returns Provides fixed payouts at the end of the term for expenses like education or debt repayment.
Maturity Benefits
Depending on the plan, the policyholder may receive maturity benefits such as a return of premiums paid.
Wealth Accumulation
Certain plans like Unit-Linked Insurance Plans (ULIPs) or savings plans help build wealth over time.
Death Benefit
In the event of the policyholder’s passing, a sum assured is given to the nominee
Flexible-Premium Options
Payment frequencies can be chosen as per convenience—monthly, quarterly, or annually
Tax Advantages
Premiums are eligible for deductions under sections 80C and 80D, with exemptions under section 10(10D).
Add-On Riders
Riders like critical illness or premium waivers enhance the base policy’s coverage.
Loan Facility
Some policies allow borrowing against the plan’s value.
Retirement Security
Pension-based plans provide monthly payouts post-retirement.
When purchasing life insurance, it’s essential to know how it functions and how your beneficiaries can access the benefits. A clear understanding helps you decide on premium payments, coverage amounts, and payout preferences.
Choosing the Right Plan
Take your time to explore suitable life insurance options. Request quotes tailored to your financial needs. While term plans offer flexibility, you decide the policy duration, premium payment terms, and whether to buy online or offline.
Paying Premiums
To maintain coverage, you must pay premiums as agreed in the policy. You can select your payment mode and frequency—monthly, quarterly, or annually. Use a premium calculator to estimate the amount required for your chosen coverage
Claiming Benefits
In case of the policyholder’s demise, the nominee must file a claim by submitting a filled form along with the required documents. For policies with premium refunds, the insured can receive all premiums back upon surviving the policy term, aiding goals.
Looking For The Best Life Insurance Plan?
Talk To ExpertFollow these steps to purchase a policy through Okbima’s online platform:
Identify your financial goal for buying insurance.
Research and compare different policy types that suit your needs.
Provide essential information to receive personalized plan options:
Compare options and select the best plan. Get assistance from Okbima’s financial experts for free to review and finalize your choice.
Employees
Salaried individuals can secure their family’s future with affordable policies that provide significant financial support in case of their absence.
Married Couples
Newlyweds or those with a dependent spouse can opt for joint cover or spouse insurance to protect their partner’s financial security.
Parents
Parents can ensure funds for their children’s education and dreams through policies offering death or maturity benefits.
Homemakers
Homemakers can obtain insurance using proof of their spouse’s income to ensure their family’s stability in their absence
NRIs and Expats
Non-resident Indians, Overseas Citizens, and Persons of Indian Origin can purchase life insurance plans to secure family members living in India.
Retirees
Post-retirement income can be ensured through life insurance pension plans, providing financial independence in old age.
Entrepreneurs
Self-employed individuals with business loans can ensure their families aren’t burdened by debts in case of untimely death.
Debt Holders
People with outstanding loans can ease their dependents’ financial burden by using insurance payouts to settle remaining obligations.
Guarantees financial stability for your family in case of unforeseen events.
Provides funds to cover medical expenses during serious health issues.
Offers substantial coverage at economical rates.
Helps you accumulate savings for unexpected situations.
Facilitates building a financial corpus for future goals like education or business ventures.
Ensures a steady income stream for your post-retirement years.
Offers tax advantages under Sections 80C and 10(10D) of the Income Tax Act.
Provides assurance that your loved ones will be financially secure, no matter what challenges arise.
Life insurance serves as a vital financial tool for people at every phase of life. Here's why:
Ages 20-30
Young professionals in their 20s or 30s benefit from life insurance as it offers affordable premiums. It provides extensive coverage, ensuring financial protection for their loved ones.
Ages 30-40
At this stage, life insurance secures financial stability for families, including spouses and children. It also assists in clearing liabilities like home or car loans, safeguarding dependents from financial strain
Ages 40-50
Individuals in their 40s and 50s can use life insurance for retirement planning or to save for future needs, such as children’s higher education.
Ages 50 and above
For those over 50, life insurance offers lump-sum payouts or regular income, helping to manage daily expenses and supporting a comfortable retirement.
| Plan Types | Features | Ideal for |
|---|---|---|
| Term Insurance Plans | Pure risk protection; option for lifetime coverage. |
Breadwinners, young professionals, homemakers, and the self-employed. |
| Savings Insurance Plans | Life cover; guaranteed maturity benefits (T&Cs apply). |
Young earners, parents, and married couples |
| Unit-Linked Insurance Plans (ULIPs) | Life cover; market-linked returns. | Parents, married couples, and young individuals. |
| Retirement Plans | Life cover insurance policy; annuity payouts. | Seniors and individuals with dependents. |
But The Right Life Insurance Plan?
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Life insurance involves a contract where premiums are paid to guarantee a payout to beneficiaries in case of death, offering financial protection not found in other savings plans
Life insurance secures your family financially in your absence, whereas other savings tools may not include such safeguards.
Life insurance fosters disciplined saving through regular premium payments, similar to salary-saving schemes but with added benefits.
Life insurance plans can be used as collateral for loans, offering flexibility that other savings products might lack.
Life insurance provides tax savings under Sections 80C and 10(10D), which other savings tools may not offer.
Life insurance benefits—whether maturity, death claims, or loans—can be accessed for key expenses like education or business investments, unlike traditional savings products.
Certain situations are not covered under life insurance:
Criminal Activities or High-Risk Sports
Death resulting from unlawful acts or dangerous activities is excluded.
Pre-Existing Conditions
Death due to conditions existing before policy purchase is typically not covered unless disclosed upfront.
Substance Use
Death caused by intoxication, including driving under the influence, is excluded.
Pregnancy-Related Deaths
Deaths during childbirth or pregnancy complications are often excluded, though this varies by policy.
Carefully review policy terms to understand coverage and exclusions in detail.
Transparent and Secure
Purchasing life insurance online ensures no hidden fees and offers safe transactions through encrypted payment gateways, protecting your confidential information.
Certified Online Advisors
Trusted Okbima representatives assist you with selecting the right policy, completing forms, making payments, and addressing questions. All interactions are recorded for added safety.
Cost Savings
Online purchases often come with discounts. For example, you may get up to 10% off on the initial premium payment, making it a budget-friendly option.
Convenience
Explore, compare, and buy life insurance policy online easily from your home, selecting coverage, tenure, and payment modes with just one click.
To file a claim, you’ll generally need the following:
A filled claim form and the original policy document.
Medical records, including hospital admission/discharge notes and test results.
Original and attested copies of the death certificate from local authorities.
Nominee’s photograph and ID proof (e.g., PAN card, Aadhar, passport).
Nominee’s photograph and ID proof (e.g., PAN card, Aadhar, passport).
Note:The exact requirements may vary between insurers.
Compare Life Insurance Options Today
Get StartedPolicyholder: The individual who owns and pays for the insurance policy
Premium: The amount paid by the policyholder for coverage.
Life Assured: The individual whose life is insured under the policy.
Riders: Add-on benefits that enhance the policy for an additional cost.
Maturity Benefit: The amount paid if the insured survives the policy term.
Insurer: The company providing the insurance policy.
Policy Term: The period during which the coverage is active
Nominee: The person designated to receive the benefit if the insured passes away.
Death Benefit: The amount paid to the nominee if the insured dies during the policy term.
Sum Assured: The guaranteed amount payable under the life insurance plans.
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Disclaimer
OkBima does not endorse, rate, or recommend any specific insurer or insurance product. The list of plans provided here includes products offered by OkBima’s insurance partners. For a full list of insurers in India, please refer to the Insurance Regulatory and Development Authority of India (IRDAI) website at www.irdai.gov.in.
The availability of ₹1 Crore coverage for an investment of ₹485/month depends on the insurers offering such a plan. It will only be available if provided by the insurer.
The prices quoted by insurers are based on IRDAI-approved insurance plans. All savings and online discounts are provided by insurers according to IRDAI-approved plans. Standard Terms and Conditions apply. Tax benefits are subject to changes in tax laws.
For detailed information on risk factors, terms, and conditions, please read the sales brochure carefully before making a purchase.
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