Life Insurance: FAQs

A common rule of thumb is 10–15 times annual income, adjusted for loans, dependents and goals. Use the calculator for a personalised estimate.

Term gives high cover at low cost and pays only on death. Endowment gives lower cover but also a maturity amount.

A window after receiving your policy to review it and cancel for a refund, minus certain deductions. Check the exact period in your policy.

Yes, subject to the insurer’s financial underwriting norms, often linked to the earning spouse’s cover.

Most policies give a grace period (commonly 15 or 30 days). After that the policy may lapse, but can usually be revived within a stated period.

Death benefits are generally tax-free. Maturity proceeds may be exempt under Section 10(10D) subject to conditions. Verify the latest rules.

The person you name to receive the benefit. A nominee collects the money; legal heirs may have rights under succession law.

Some plans offer increase options at life events such as marriage or birth of a child. Otherwise you may buy additional cover.