Life insurance guide
Life Insurance Plans – Protect Your Family and Plan Your Future
Life Insurance for Every Stage of Life
Life insurance can help protect the people who depend on you while supporting your family's longer-term financial goals. Explore insurance options for family protection, children's future needs, savings and retirement planning, and understand which features may suit your circumstances.
- Protection, savings and retirement
- How to choose a policy
- What affects premiums
What Is Life Insurance?
Life insurance is a contract between you and an insurer. You pay premiums, and in return the insurer promises to pay a benefit to your nominee if you die during the policy term, as set out in the policy. Some policies only provide this protection; others also pay a benefit if you survive the term, or a regular income, in exchange for a higher premium.
Because the terms differ so much between products, the right question is not "which policy is best?" but "which policy fits what I need it to do?". This page explains the main types of life insurance, how to compare them and what affects the premium you pay.
Why Consider Life Insurance?
People buy life insurance for different reasons. These are the most common ones.
Financial protection for dependants
A death benefit can replace part of the income your spouse, children or parents rely on.
Support for expenses and liabilities
Cover can help with household costs and outstanding loans, so they do not fall on your family.
Children's education and milestones
Planned cover or payouts can support a child's education and other future needs.
Long-term savings, where the product allows
Some policies combine cover with a maturity or survival benefit, according to their terms.
Retirement and pension planning
Pension and annuity products can help build or provide income for later life.
Clarity about your responsibilities
Working out how much cover you need helps you see your family's financial picture more clearly.
Benefits vary by policy type, cover amount, exclusions and contract terms. No single policy suits everyone, and every proposal is subject to the insurer's underwriting.
Explore Life Insurance Options
Different needs call for different kinds of life insurance. Start with your goal, then read the guides for the plans in that category.
Term Insurance
Designed primarily to provide life cover for a specified period. It pays a death benefit if the life assured dies during the term, subject to the policy terms, and usually has no maturity value.
Explore Term InsuranceSavings-Oriented Life Insurance
Certain life insurance products combine protection with savings-related benefits, such as a maturity benefit, according to their terms. Premiums are higher than for pure protection.
Explore Savings PlansChild Future Planning
Parents can consider suitable insurance products as one part of a wider plan for a child's education and future expenses, alongside other savings.
Explore Child Planning OptionsRetirement and Pension Planning
Pension and annuity products can help you build a retirement fund or convert savings into a regular income, with payout options set out in each plan.
Explore Retirement OptionsIncome and Long-Term Financial Planning
Some insurance products provide scheduled survival benefits or other income-oriented features over a long period, subject to their terms.
Explore Available OptionsInsurance for NRIs
Eligible NRIs and OCI cardholders can explore life insurance in India, subject to residency rules, plan eligibility and documentation.
Explore NRI InsuranceJoint Cover for Couples
Some plans cover two lives under one policy, which can suit couples who share financial responsibilities.
Ask About Joint CoverNot Sure Which Type Fits?
Tell us your goals, budget and existing cover. We can explain the options and the questions worth asking before you decide.
Request Insurance GuidancePlan guides on this site summarise product features for general information. Check the current sales brochure and policy wording before applying, as plans and terms can change.
How to Choose Life Insurance That Fits Your Needs
The right policy depends on your circumstances. Before comparing plans, think about:
- The financial needs of your dependants
- Your current income and household expenses
- Outstanding loans and other liabilities
- Children's education goals
- Life insurance you already have, including employer cover
- Your long-term savings and retirement objectives
- A premium you can keep paying comfortably
- Policy duration, benefits, exclusions and conditions
Pure protection plans give the most cover for the premium but usually pay nothing if you survive the term. Savings-oriented plans pay a benefit on survival but cost more for the same cover. Many families combine the two. Compare the actual policy terms rather than headline features.
Want help comparing options?
Share your requirement and we will explain the relevant plans, their benefits and conditions, so you can decide in your own time.
Request Personalised GuidanceUnderstanding Premiums and Policy Benefits
The premium you pay and the benefits you receive depend on several factors:
Age at application
Premiums are usually lower when you start younger.
Amount of life cover
A higher sum assured generally means a higher premium.
Policy term
The length of cover affects both premium and benefits.
Health and underwriting
Medical history, tests and lifestyle can change the premium or terms offered.
Premium payment term and frequency
Paying over fewer years, or yearly instead of half-yearly, changes what you pay.
Product type and benefit structure
Savings and income features cost more than pure protection.
Optional riders
Add-ons such as accident benefit cover increase the premium.
Eligibility conditions
Each plan sets its own age, term and sum assured limits.
Actual premiums and benefits depend on the chosen policy, the information in your proposal, underwriting and the applicable terms. For worked examples with their assumptions, see the premium sections of our Bima Kavach and Yuva Term guides. For a figure based on your own details, ask for an official benefit illustration.
Get Personalised Life Insurance Guidance
Every family's insurance needs are different. Share your basic requirements to learn more about suitable life insurance options, policy features, premiums and the factors to consider before making a decision.
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Frequently Asked Questions
What is life insurance?
Life insurance is a contract in which you pay premiums and the insurer pays a benefit to your nominee if you die during the policy term. Some policies also pay a benefit on survival or a regular income, as set out in the policy.
Why should I consider life insurance?
If others depend on your income, life insurance can help them meet living costs, repay loans and fund future goals if you are no longer there. Whether you need it, and how much, depends on your responsibilities and existing savings.
What is the difference between term insurance and savings-oriented life insurance?
Term insurance provides life cover for a set period and usually pays nothing if you survive, which keeps premiums low. Savings-oriented plans combine cover with a maturity or survival benefit, so they cost more for the same cover. Benefits depend on each plan's terms.
How much life insurance cover might I need?
Add up what your family would need without your income: living expenses for several years, outstanding loans and future goals such as education. Subtract existing savings and cover. The result is a starting point, not a fixed rule.
What factors affect life insurance premiums?
Mainly your age, the cover amount, the policy term, your health and underwriting results, the premium payment term and frequency, the product type and any riders.
Can life insurance help with children's future financial needs?
It can be one part of the plan. Life cover can protect a child's goals if a parent dies, and some products are designed with benefits timed to a child's age. Conditions and benefits vary by product.
What is the difference between life insurance and pension or annuity products?
Life insurance mainly pays a benefit on death, and sometimes on survival. Pension and annuity products are designed to build retirement savings or pay a regular income, usually for life or a fixed period, according to the option chosen.
What information may be required when applying for life insurance?
Usually a proposal form, proof of identity, age and address, income proof for higher cover, and details of your health, habits, occupation and existing insurance. Medical tests may be needed depending on age and cover.
Can I review my existing insurance coverage before buying another policy?
Yes, and it is a good idea. Reviewing what you already have, including employer cover, helps you avoid overlaps and see whether you need more protection, savings or neither.
How can I request guidance on choosing a suitable policy?
Fill in the enquiry form on this page or visit our Contact Us page.
Policy benefits, eligibility, exclusions, premiums and conditions vary by product. Tax treatment depends on the law in force and your circumstances.
Life Insurance Guides and Articles
LIC Jeevan Sathi Plan: Joint Life Cover for Couples
LIC Bima Lakshmi Plan 881: Features, Benefits, Eligibility & Premium Calculator for Women 2025
LIC Term Plan – Jeevan Amar: Benefits, Eligibility, Features, Premium Options
LIC NAV Jeevan Shree Plan
LIC New Endowment Plan
LIC New Children’s Money Back Plan
LIC Jeevan Tarun
LIC Jeevan Anand – Whole Life Insurance Plan
LIC Jeevan Umang Plan 745 – Benefits, Eligibility, Premium & Maturity
LIC Jeevan Lakshya: Benefits, Premium, Maturity, Eligibility & Plan Details
LIC Jeevan Labh Plan 936 & 736: Benefits, Premium, Maturity & Other Details
LIC Jeevan Saral – Plan 165 – Premium, Maturity Benefits and FeaturesPlan the Right Protection for Your Family
Whether you are thinking about protection, savings, your children's future or retirement, a short conversation can help you understand the options and what to compare. There is no obligation to buy.
LicAgent.co.in is the website of an insurance advisor and is not the official website of any insurer. Information on this page is general and educational, not financial or tax advice. Plan details are summaries; refer to the official sales brochure and policy document for full terms and conditions. All proposals are subject to underwriting. Insurance is the subject matter of solicitation.
