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Life Insurance

Introduction what is Covered Other Plans Exclusions Claims FAQ’s

Life insurance is a contract between you and an insurer, where the insurer promises to pay a specified sum of money to your beneficiaries in case of your death, or to you at maturity (depending on the plan), in exchange for regular premium payments.

Life insurance provides financial security to your loved ones, helps pay off debts, covers daily expenses, secures your child’s education, assists in retirement planning, and can even offer tax benefits.

Common types include:
  • Term Life Insurance
  • Savings Plans (Endowment or Money-back)
  • ULIPs (Unit Linked Insurance Plans)
  • Retirement (Annuity/ Pension) Plans
  • Whole Life Insurance

Term Insurance provides a large life cover at an affordable premium. It offers pure financial protection without savings or investment elements, ensuring your family is protected in case of your untimely death.

Yes, you can hold multiple life insurance policies based on your needs, financial goals, and income. It's often beneficial to have different types of policies to cover various life stages and financial goals.

Generally, your life cover should be 10-15 times your annual income. Consider factors like your debts, future expenses (child education, marriage), lifestyle needs, and inflation. You can consult our advisors to calculate the exact coverage you need.

Your premium is determined by age, gender, lifestyle habits (smoking, drinking), medical history, occupation, sum assured, policy tenure, and the type of policy you choose.

Yes, under Section 80C of the Income Tax Act, premiums paid for life insurance policies qualify for tax deductions up to ₹1.5 lakh per annum. Death benefits are usually tax-free under Section 10(10D).

Yes, you can enhance your life insurance policy using add-on covers (riders) such as Critical Illness, Accidental Death, Disability Benefit, Premium Waiver, and Terminal Illness.

If you miss a premium payment, insurers typically offer a grace period of 15-30 days. If payment isn't made within this period, your policy will lapse. Depending on your policy, you may have options to revive it later by paying overdue premiums and charges.

Yes, NRIs can purchase life insurance policies in India. Policies can be purchased during visits to India or from abroad, subject to certain underwriting guidelines and terms set by the insurer.

A Free-Look Period is a 15-day window (30 days for online policies) provided by insurers after policy issuance, allowing you to review your policy. If unsatisfied, you can return the policy for cancellation, receiving a refund after deducting minimal charges.

Typical documents include:
  • Identity Proof (Aadhaar, PAN, Passport)
  • Address Proof (Aadhaar, Utility bills, Passport)
  • Income Proof (Salary slips, ITR, Bank statements)
  • Passport-size photograph
  • Medical reports (if required by insurer)

In India, once all required documents are submitted, insurers typically settle claims within 30 days. However, if the claim requires detailed investigation (such as early claims within the first few policy years or accidental claims), it may take slightly longer.

Reach out to us on our phone number, or send us an email at customercare@insurancepe.com and inform us about the claim you want to report, your policy number, contact details, address etc. Our insurance professionals will guide you through every step of the claims process.

Yes, individuals with existing health conditions can still obtain life insurance. Depending on your health history, insurers might offer policies with slightly higher premiums, limited coverage, or certain exclusions. It's important to transparently disclose your medical history during the application process.