Buy Life Insurance And Get 1 Crore By Investing 485/ Month*
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.
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.
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.
Features: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.
Features:Term insurance ensures financial security for your loved ones. Below is a curated list of plans to help you choose the best option for your needs.
| Insurer Name | Plan Name | Sum Assured | Action |
|---|---|---|---|
| ICICI Prudential Life Insurance | ICICI Pru iProtect Smart Plus Term Plan | 50 Lacs – 20 Crores | View Plan |
| SBI Life Insurance | SBI Life Smart Shield Plus | 50 Lacs – No limit | View Plan |
| Axis Max Life Insurance | Axis Max Smart Term Plan Plus | 25 Lacs – 20 Crores | View Plan |
| Digit Life Insurance | Digit Glow Plus | 25 Lacs - 20 Crores | View Plan |
| PNB Metlife India Insurance | PNB Mera Term Plan Plus | 25 Lacs - No limit | View Plan |
| Aviva Life Insurance | Signature 3D Term Plan - Platinum | 30 Lacs - 5 Crores | View Plan |
| Ageas Federal Life Insurance | Termsurance Life Protection Insurance Plan | 5 Lacs - No limit | View Plan |
Investment plans help you grow wealth while securing your financial future. Below is a curated list of plans to suit various goals and budgets.
| Insurer Name | Plan Name | 5 Year Return | 10 Year Return | Action |
|---|---|---|---|---|
| SBI Life Insurance Company | SBI Life-eWealth Plus | 15.7% | 12.3% | View Plan |
| Axis Max Life Insurance | Online Savings Plan | 28.6% | 17.8% | View Plan |
| ICICI Prudential Life Insurance | EzyGrow - Wealth | 25.1% | 17.7% | View Plan |
| PNB MetLife India Insurance | Smart Goal Ensuring Multiplier-Wealth | 20.3% | 15% | View Plan |
Disclaimer: The sorting is based on the past 10 years' fund performance (Fund Data Source: Value Research). For a complete list of insurers in India, refer to the IRDAI website at www.irdai.gov.in.
From 22 September 2025, individual life insurance policies no longer carry any GST. Earlier, you paid 18% GST on your premium. Now the rate is 0%.
This benefit covers term plans, ULIPs, and savings or endowment plans taken by individuals. So buying a new policy or renewing an old one now costs less.
If you bought your policy before 22 September 2025 and get some premium back (for example, in a Return of Premium plan), no GST will be charged on that refund either.
Before taking the final call, the GST Council also looked at another idea, which was to cut GST to 5%. This would have let insurance companies claim Input Tax Credit. In the end, the Council chose to remove GST fully for individual policyholders.
Real Life Example:
Let us see what this means in real life. Suppose you paid ?2,180 a month for a term plan with 18% GST included. The same plan now costs about ?2,000 a month for the same cover, if everything else stays the same.
Tax rules can change anytime, so please check the latest GST position with your insurer before you buy a policy.
How much cover you need depends on your loans, your income, and your future goals. Before you decide, it helps to understand the main types of life insurance plans available in the market.
Pure Risk Protection Solutions
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.
Wealth Accumulation Plans
These combined life insurance with investments in equity or debt, offering growth potential alongside coverage. ULIPs often yield 15–20% tax-free returns, making them ideal for medium- to long-term investors.
Also called endowment policies, these provide systematic savings and a maturity benefit if the policyholder survives the term. Death benefits are also included.
Retirement plans focus on securing a comfortable retirement by providing regular income after a waiting period or immediately upon retirement.
Child insurance plans tailored to secure a child’s financial future, these life insurance plans ensure that funds are available for education and other needs, even in the absence of the policyholder.
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.
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.
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.
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 future goals.
Follow 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.
Instant quotes, digital verification, and instant policy issuance.
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:
| Plan Type | Features | Ideal For |
|---|---|---|
| 1. Term Insurance Plans | Pure risk protection; option for lifetime coverage. | Breadwinners, young professionals, homemakers, and the self-employed. |
| 2. Savings Insurance Plans | Life cover; guaranteed maturity benefits (T&Cs apply). | Young earners, parents, and married couples. |
| 3. Unit-Linked Insurance Plans (ULIPs) | Life cover; market-linked returns. | Parents, married couples, and young individuals. |
| 4. Retirement Plans | Life cover insurance policy; annuity payouts. | Seniors and individuals with dependents. |
Lock in lower premiums and higher coverage by buying young.
Understand the coverage, exclusions, and terms to make informed choices.
Enhance your base coverage with optional riders at minimal extra cost.
Use online tools to find a policy tailored to your needs.
Inaccuracies can lead to claims being denied or policy cancellations.
Timely premium payments ensure uninterrupted coverage.
Waiting increases premiums and limits the coverage options available.
Opt for a sum assured that sufficiently meets your family’s future needs.
Certain situations are not covered under life insurance:
Death resulting from unlawful acts or dangerous activities is excluded.
Death due to conditions existing before policy purchase is typically not covered unless disclosed upfront.
Death caused by intoxication, including driving under the influence, is excluded.
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.
To file a claim efficiently, assemble the following verified documentation:
Ensure all copies are attested for faster approval
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).
Post-mortem report, if applicable.
The exact requirements may vary between insurers.
Receive the total sum assured in one payment, which can help cover loans or other major expenses.
Provides a regular monthly payout to replace the policyholder’s income and support the family’s needs.
A portion of the benefit is paid upfront, while the remainder is distributed in instalments over time.
The benefit is paid in monthly instalments, increasing annually at a fixed rate for a set period.
The individual who owns and pays for the insurance policy.
The company providing the insurance policy.
The amount paid by the policyholder for coverage.
The period during which the coverage is active.
The individual whose life is insured under the policy.
The person designated to receive the benefit if the insured passes away.
Add-on benefits that enhance the policy for an additional cost.
The amount paid to the nominee if the insured dies during the policy term.
The amount paid if the insured survives the policy term.
The guaranteed amount payable under the life insurance plans.
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.
The prices shown here are as per the plans approved by IRDAI. All savings and online discounts are given by the insurers as per IRDAI approved plans. Standard terms and conditions apply. Tax benefits can change if the tax laws change.
Before you buy a policy, please read the sales brochure carefully to understand the risk factors and the terms and conditions.
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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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