Life Insurance: Features & benefits

Here is what a good life insurance typically offers. Exact benefits differ by insurer and product, so always read the policy wording.

A lump sum, or regular income, to the nominee if the life insured dies during the policy term.

Savings-oriented plans pay a maturity amount if you survive the term.

Optional add-ons such as accidental death, critical illness, waiver of premium and income benefit.

Some traditional plans let you borrow against the surrender value.

Premiums may qualify under Section 80C and benefits under Section 10(10D) subject to conditions and the tax regime you choose.

Single pay, limited pay or regular pay, with monthly, quarterly, half-yearly or yearly modes.

You name who receives the benefit. Policies can also be assigned to a lender or protected under the Married Women’s Property Act.

Read the fine print. Features are subject to terms, conditions, waiting periods and exclusions. We will walk you through them before you decide.

Key terms to know