Life Insurance
A life insurance policy, an agreement between an individual and an insurer, provides financial security to the beneficiary in case of sudden death of the insured person.
Life insurance pays out a death benefit that supports the family in case of loss of life while the policy is active. You can avail of life insurance through Term plans that protect your family financially or Investment plans that help in wealth creation for a secured future.
Highlights of Life
Insurance
Types of Life Insurance
This is a life insurance policy that provides financial support to your loved ones in case of your death during the policy period. You pay a premium, and if something happens to you, your family gets the sum assured.
This is a simple individual term life insurance policy that gives your family financial protection in case you die early. It offers flexible premium payment options, attractive discounts, and a high sum assured.
Long-term investment plans are aimed at people who want to save for retirement, offering several tax benefits. The central government and PERDA regulate the National Pension Scheme.
Guaranteed Return Plan is a life insurance policy thatcombines investment and coverage. You can use themto create a savings corpus and provide financialsupport to your family in case of your death. GRP isalso offered under endowment policies.
Unit Linked Insurance Plan (ULIP) allows life coverageand investments directly from the market. The fundsare further invested in debt funds, equity, or both. It'sone of the best investment plans in India for highertax-free returns
It helps you make monetary provisions for the future of your child. Child investment plans combineinvestment and insurance to ensure your kid getsfixed yearly payment or lump sum in the future.
Most Popular Life Insurance Plans
Option to cover your Spouse under the same Policy with Joint Life Protection
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
With Return of Premium option to get your Premium back on survival till maturity.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Coverage against death, terminal illness and disability
Special premium rates for non-tobacco users.
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Can add Critical Illness Rider that covers 35 critical illness.
Option to cover your Spouse under the same Policy with Joint Life Protection
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
With Return of Premium option to get your Premium back on survival till maturity.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Coverage against death, terminal illness and disability
Special premium rates for non-tobacco users.
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Can add Critical Illness Rider that covers 35 critical illness.
Option to cover your Spouse under the same Policy with Joint Life Protection
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
With Return of Premium option to get your Premium back on survival till maturity.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Coverage against death, terminal illness and disability
Special premium rates for non-tobacco users.
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Can add Critical Illness Rider that covers 35 critical illness.
Option to cover your Spouse under the same Policy with Joint Life Protection
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
With Return of Premium option to get your Premium back on survival till maturity.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Coverage against death, terminal illness and disability
Special premium rates for non-tobacco users.
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Can add Critical Illness Rider that covers 35 critical illness.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
Option to take policy loan once policy acquires surrender value
Option to alter premium payment mode
Option to take policy loan once policyacquires surrender value
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
Option to take policy loan once policy acquires surrender value
Option to alter premium payment mode
Option to take policy loan once policyacquires surrender value
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
Option to take policy loan once policy acquires surrender value
Option to alter premium payment mode
Option to take policy loan once policyacquires surrender value
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
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Life Insurance - Everything You Need to Know
What are the Main Aspects of Life Insurance
How does Life Insurance Work for You
How to Select the Best Life Insurance
Life Insurance Policy with Investments and Guaranteed Return
How to Buy Life Insurance at Mahindra Paybima
What are the Main Aspects of Life Insurance?
It’s simple. You as the insured pay premiums for a set time to get coverage. If you pass away during this time, your family (nominee/s) gets a lump sum as death benefit which is the coverage amount.
The amount paid by the insurer to your nominee after your death, which should match your family's expenses.
It’s the time period of coverage for the chosen policy for which your family relies on your income. It can vary from 5 years to over 60 years.
It’s the time you pay premiums for coverage.
It’s how the nominee receives the money - a lump sum (one-time)or in instalments based on their needs.
How Life Insurance Works for You
Choose a Plan: Pick the best life insurance plan for higher coverage to protect your family, their future and their dreams.
Premiums: Pay monthly or annual premiums for the policy.
Claim Process: In case of death, your nominee informs the insurer and files a claim. After the submitted documents like the death certificate and ID proof are verified, the insurer pays the life cover amount to the nominee.
Benefits of the Best Life Insurance Plan
Choosing the right life insurance policy has several advantages that will benefit your loved ones and secure their future.
Long-term stability for your family in unforeseen events.
The nominee receives the sum assured and bonuses in case of the policyholder’s death.
Certain plans return the full premium at maturity.
Get a fixed amount after a specified term, enabling you to pay out loans, higher education fees and manage other expenses.
Based on your risk appetite, the premium amount enables you to invest in different funds for long-term growth.
Helps you save taxes on the premium paid up to ₹1.5 lakhs under Section 80C of the IT Act 1961.
Depending on your requirements, your base plan can be customised with critical illness, waiver of premium, etc.
You have the option of paying as a lump sum amount or periodic payments - monthly, quarterly, half-yearly, or annually.
Some annuity-based plans offer monthly pension on maturity.
You have the option of borrowing a certain percentage against the plan’s value or sum assured.
At Paybima, buying a Life insurance plan is easy and you can opt for an advisor’s help anytime.
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Key Features and Benefits of a Term Insurance Plan
Term plans offer a high sum insured for low premiums.
The sum insured helps pay off debts in case of the policyholder’s demise.
Riders like critical illness, disability, and accidental death offer extra coverage.
The policyholder can choose between lump sum or periodic payouts for the family.
Premiums and rider premiums are tax-deductible under Section 80C. The sum assured is also tax-free.
Some plans waive premiums if the insured is permanently disabled after an accident.
There is a lump sum payout for diagnosed critical illnesses.
There is an option to choose the payment frequency - annually, half yearly, quarterly, or monthly.
Life Insurance - Exclusions
What is not covered in life insurance?
If the policyholder’s death occurs by suicide within a certain period of policy issuance (usually two years).
If the policyholder dies due to any kind of substance abuse.
If the insured dies due to war or any war-related activity.
Death caused by any high-risk activities like racing, paragliding, skydiving, or adrenaline-pumping adventure sports.
If the insured’s death occurs through any illegal/criminal activities.
A death that occurs due to a condition/illness that already existed before policy commencement.
How to Select the Best Life Insurance Plan?
Calculate your expenses like house, education, loans, and add 4-6% inflation for the right coverage. Look for joint-life benefits (for spouse), coverage till 99 years, and Return of Premium (ROP) benefits.
Choose a term by subtracting your current age from the age you expect to stop earning.
Align premium payments with your income and goals.
Choose a reputable insurer with a quick claim settlement process and positive reviews.
Opt for a plan with riders like disability, critical illness, or accidental death cover.
Start early for lower premiums, and add more coverage as your income grows.
Select a plan that covers different medical needs and protects your income.
Choose an insurer with a high claim settlement ratio (over 95%).
Life Insurance Policy with Investments & Guaranteed Return
The best life insurance in India offers a guaranteed high return with a life cover, also known as an endowment plan. It’s a great investment for those looking for a fixed lump sum amount as maturity after the policy’s duration. It offers life cover benefits in case of death and higher returns than other fixed investment plans. As a result, it’s a must-have plan in your investment portfolio.
for Future
Guaranteed Return
Claim Reporting
You can notify the insurer online or physically at their branch or central office with the required documents or even submit it through Mahindra Paybima website.
Claim Processing
After submitting all the documents, the insurer will assess and inform in case any further documents are required, after which your claim will be processed.
Claim Settlement
Post document verification, the insurer may conduct an investigation, if required. After approval, the settlement amount is paid to the nominee's bank account.
Documents for Claiming Life Insurance
Original policy document
Copy of death certificate issued by the local municipal authority
Copy of nominee’s identity proofs such as Aadhar card, PAN card, passport, etc.
Cancelled cheque/copy of bank passbook of the claimant
Copy of cause of death certificate
Prior medical records of insured/life-assured
Medical attendant's/ hospital certificate issued by a doctor - download format from the website
Medical records as proof of cause of death, case papers, test reports, etc.
In addition, the below documents are required for accidental/suicidal death:
Post-mortem report and chemical viscera report
FIR/panchnama/inquest report and final investigation report
Copy of driver’s license if life assured was driving the vehicle at the time of the accident (applicable if 'accident and disability benefit rider' is opted)
Post-mortem report and chemical viscera report
Life Insurance – How to Avoid Rejection
Despite buying the best policy with seamless processes, there is a possibility of claim rejection. Make a note of these points before filing a claim.
Accurate information avoids rejection due to undisclosed pre-existing conditions or hobbies.
Pay on time to prevent policy lapses and claim rejections.
Keep nominee details updated with correct documents for smooth claim processing.
Complete required tests especially for high-risk coverage.
Understand and comply with the suicide clause period (usually two years).
Before buying the policy, ensure you are aware and avoid activities excluded from coverage.
Guaranteed Claim Support
We will guide you from start till end in your ‘claim’ journey. Start your claim process with us to get our support.
How to Buy a Life Insurance Policy at Mahindra Paybima
Buying a life insurance policy online is very simple. You can follow these steps to buy a life insurance policy online at Mahindra Paybima.
Input basic details along with gender, age, coverage amount, annual income, occupation, etc., to begin the policy procedure.
Check the various plans offered by different insurance companies and shortlist the plans.
Once you’ve shortlisted 2-3 policies that suit your requirements, compare them online.
Select the appropriate riders or add-ons to the policy for additional cover.
Enter proposer details for cKYC, medical information and nominee details.
Pay for the policy online using credit/debit cards, UPI, wallets, or net banking.
Provide documents for ID proofs, address proof and salary proof.
The insurance company conducts a medical examination before issuing the policy.
The proposal is submitted to the insurance company for approval. Once approved, the customer will receive the policy by email.
Documents for Buying a Life Insurance Policy
To buy a term insurance policy, you will typically need to provide the following documents:
Address proof: driver’s license/bank statement or passbook with latest entries/passport/voter ID/Aadhaar card/ration card
Identity proof: Aadhaar card/voter ID/passport/PAN card
Age Proof: PAN card/ Aadhaar card/passport/voter ID card/marriage certificate/ration card/birth certificate/driver’s license
Passport-size photographs of the individual
Income proof:
- For high sum assured cases, income proof is also needed.
- Salary slips of last 3 months/income tax returns/employer certificate/latest bank statement/latest form 16
Benefits of Comparing Life Insurances Online
Here are key advantages of comparing life insurance policies online:
Easily compare and choose a plan that suits your needs with the best coverage options.
Find a policy that gives you the most value for your money.
Learn about the different features available in policies and gain a better understanding of the insurance market.
Compare Top plan From Top Life Insurance Companies
Aditya Birla DigiShield
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PNB MetLife Mera Term Plan Plus
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ICICI Pru iPortect Smart
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Aegon Life iTerm Comfort
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Features
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Multiple Plan Options
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Coverage Till Age 100
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Flexible Death Benefit Payouts
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Monthly Income Option
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Survival Benefit After 60
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Critical Illness Rider
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Terminal Illness Rider
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Maturity Benefit (Option 10)
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Tax Benefits Under Section 80C
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Enhanced Life Stage Protection
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Choose from India’s Top Insurers
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Ask Anything as We Have Answers to Everything in Insurance
Yes, you can buy a ULIP life insurance plan in the name of your minor child. ULIPs allow children aged 30-90 days and above to be covered under the plan. So, check the minimum entry age and if your child fulfils the minimum entry age criterion, you can insure him/her under the plan.
Usually, ULIPs are offered for a minimum period of 5-10 years and a maximum tenure up to 40 years. However, there are ULIPs which also allow lifelong coverage and continue till you reach 99 or 100 years of age.
ULIPs have a minimum lock-in period of 5 years before which you are not allowed to surrender. If you discontinue the premium after 3 years, the fund value would be transferred to a discontinued policy fund. Discontinuation charges would be deducted from the fund for the next 2 years. Once the lock-in period is over, you would be allowed to withdraw your fund value from the discontinued fund.
Enhancement of the sum assured depends on the plan’s terms and conditions. Some ULIPs allow enhancement of the sum assured during the policy tenure while others don’t. So, read your policy document to understand if an enhancement is allowed or not.
You can claim a deduction for the premium paid up to a maximum limit of Rs.1.5 lakhs under Section 80C. However, if your premium is more than 10% of the sum assured, premium up to 10% of the sum assured would be allowed as a deduction.
Yes, there is a minimum and maximum limit on the amount of partial withdrawals that you do. This limit depends on the policy. However, almost all ULIPs ensure that after the withdrawal, your fund value should be equal to at least one annualised premium.
Yes, you can buy as many ULIPs as you want. There is no restriction on the number of ULIPs that you can buy.
Yes, an additional premium is required for the rider. However, under ULIPs, you don’t have to pay the premium. The cost of the rider is deducted from the fund value as the rider coverage charge.
Some plans allow you the flexibility to avail of the death benefit in installments rather than in one lump sum. However, this benefit is plan specific and you should check your policy to find out if you can avail of the death benefit in installments or not.
No, on maturity, the fund value is paid even if it is lower than the sum assured.
Yes, some ULIPs allow coverage on a joint basis. So, check for plans which allow such coverage because not all ULIPs have this feature.
ULIPs allow different types of premium payment modes. You can pay a single premium, limited premium, or regular premium for the policy if the policy allows.
Under pension ULIPs, you are allowed to withdraw up to 60% of the accumulated fund value in lump sum. The remaining fund value should, then, be used to either buy a single premium deferred annuity plan or an immediate annuity plan.
No, the returns under ULIPs are not guaranteed. They depend on the market movement.
No, you cannot lower the charges associated with ULIPs. The charge structure is designed by the company and is applicable for all policyholders. However, if you look for plans that refund some of the charges on maturity, you can lower the effective charges deducted from your fund value.
Nomination is not mandatory. However, it is advisable to nominate an individual to receive the death benefit otherwise, if the insured dies, his/her legal heirs would have to make a claim by proving their legal status as the deceased’s heirs.
Yes, a loading is applicable if you pay monthly premiums, if you have an adverse medical history, if you smoke, etc. However, no additional premium is payable for the loading. The loading is adjusted as an increase in the ULIP charges.
If you are aged above 45 years, or if you opt for a high sum assured or if you have an adverse medical condition then you would have to undergo a health check-up before buying the policy.
Usually, ULIPs allow individuals aged up to 65 years to buy the plan. In some plans, however, the maximum entry age can be up to 70 years too.
Most ULPIs allow a sum assured of 1.25 times the top-up premiums if you are aged up to 45 years. For higher ages, the sum assured is calculated as 1.10 times the top-up premium.
