Life Insurance Plans Tailored for You
Compare and buy life policies that fit your goals whether it's wealth creation, term cover, or retirement planning.
What is Life Insurance?
Life insurance is a contract between you (the policyholder) and the insurance company. In return for regular premium payments, the insurer agrees to pay a sum assured to your beneficiary in case of your unfortunate demise or after the policy matures. Life insurance offers financial protection, tax benefits, and peace of mind, helping your family stay secure even in your absence.
🧾 Types of Life Insurance Plans Available on BetterAgent.in
| Plan Type | Description |
|---|---|
| Term Insurance | Pure protection plan that provides high cover at low premium for a fixed term. |
| Whole Life Insurance | Coverage up to 100 years of age with death or maturity benefits. |
| Endowment Plan | Combines life cover with guaranteed savings for the future. |
| Child Insurance Plan | Secures your child’s education and future milestones. |
| Retirement/Pension Plan | Helps build a post-retirement income with regular payouts. |
| ULIP (Unit Linked Insurance Plan) | Offers life cover along with investment in market-linked funds. |
| Money-Back Plan | Provides periodic returns during the policy term along with maturity benefits. |
| Savings & Investment Plan | Ensures future savings with life cover and long-term financial goals. |
| Group Life Insurance | Suitable for companies and organizations covering multiple individuals under one plan. |
📊 Life Insurance Comparison Table
| Criteria | Term Insurance | Whole Life | Endowment | ULIP | Pension Plan |
|---|---|---|---|---|---|
| Coverage Term | Fixed (5–40 yrs) | Till 100 yrs | 10–35 yrs | 10–20 yrs | Lifetime or Defined |
| Maturity Benefit | ❌ | ✅ | ✅ | ✅ | ✅ |
| Investment Element | ❌ | ❌ | ✅ | ✅ | ✅ |
| Ideal For | Income protection | Lifelong cover | Savings & protection | Investment + insurance | Post-retirement income |
💰 Benefits of Buying Life Insurance from BetterAgent.in
💸 Financial protection for your family in your absence
📉 Tax benefits under sections 80C and 10(10D)
📆 Flexible premium payment options
🧾 Loan collateral availability for eligible plans
🧍♂️ Choice of nominee and riders for enhanced protection
🧠 Peace of mind knowing your loved ones are secured
🎯 Life Insurance Riders You Can Choose
| Criteria | Term Insurance | Whole Life | Endowment | ULIP | Pension Plan |
|---|---|---|---|---|---|
| Coverage Term | Fixed (5–40 yrs) | Till 100 yrs | 10–35 yrs | 10–20 yrs | Lifetime or Defined |
| Maturity Benefit | ❌ | ✅ | ✅ | ✅ | ✅ |
| Investment Element | ❌ | ❌ | ✅ | ✅ | ✅ |
| Ideal For | Income protection | Lifelong cover | Savings & protection | Investment + insurance | Post-retirement income |
📈 Factors That Affect Your Life Insurance Premium
🔢 Age & Gender – Younger & female applicants pay lower premiums
🧬 Medical & Family History – Health conditions impact premium rates
🧑💼 Occupation & Lifestyle – Riskier jobs or habits like smoking can increase premiums
💼 Type of Plan & Sum Assured – Higher coverage = higher premium
🏠 Location & Policy Duration – Areas prone to disasters may attract higher rates
📝 Documents Required to Buy Life Insurance
✅ Aadhar Card or PAN Card (ID Proof)
✅ Address Proof
✅ Passport-size Photograph
✅ Income Proof (for high sum assured plans)
✅ Age Proof (Birth Certificate, School Certificate)
💼 Why Do You Need Life Insurance?
✅ Financial Security for Your Family
In the event of your death, a life insurance policy ensures that your dependents can continue to manage household expenses, education fees, or repay existing loans.
✅ Peace of Mind
With a life cover in place, you can focus on living your life knowing that your family will be financially protected in your absence.
✅ Investment & Wealth Creation
Some life insurance plans (like ULIPs or endowment plans) offer both insurance coverage and investment returns.
✅ Tax Benefits
- Under Section 80C, premiums paid are eligible for deductions up to ₹1.5 lakh/year
- Under Section 10(10D), maturity/death benefits are exempt from tax
🔍 Key Features of Life Insurance
| Feature | Description |
|---|---|
| Death Benefit | Sum assured is paid to the nominee if the policyholder passes away |
| Maturity Benefit | Some policies provide a lump sum if the policyholder survives the term |
| Policy Term Options | Flexible terms ranging from 5 to 100 years |
| Premium Flexibility | Pay monthly, quarterly, half-yearly, or annually |
| Loan Facility | Some plans allow loans against the policy |
| Optional Riders | Additional protection for accidents, critical illness, disability, etc. |
🧾 Types of Life Insurance Policies
1. Term Insurance
- Lowest premiums
- High sum assured
- No maturity benefit (unless TROP)
2. Whole Life Insurance
- Covers till age 99 or 100
- Death + maturity benefit
3. Endowment Plans
- Savings + insurance combo
- Guaranteed maturity returns
4. ULIPs
- Investment + insurance
- Market-linked returns
5. Child Insurance
- Covers child’s future needs
- Education, marriage, etc.
6. Retirement/Pension Plans
- Post-retirement income
- Regular annuity or lump sum
7. Money Back Plans
- Survival payouts during policy
8. Group Life Insurance
- One plan for many employees
- Suitable for organizations
Frequently Ask Questions
Life insurance is a contract between the policyholder and an insurance company, where the insurer agrees to pay a lump sum amount (sum assured) to the nominee in case of the policyholder’s death or after policy maturity, in return for regular premium payments.
Life insurance offers financial security to your family in your absence. It helps cover household expenses, education costs, loan repayments, and final expenses while also offering tax benefits and peace of mind.
Anyone with financial dependents, outstanding loans, or long-term goals like children’s education or retirement planning should consider life insurance. It’s especially important for working professionals, young parents, and business owners.
- Term Insurance
- Whole Life Insurance
- Endowment Plan
- ULIP (Unit Linked Insurance Plan)
- Money-Back Plan
- Child Protection Plan
- Retirement/Pension Plan
- Group Life Insurance
- Term Insurance: Provides coverage for a specific period (e.g., 10–40 years). No maturity benefit unless return of premium is chosen.
- Whole Life Insurance: Covers the policyholder up to 99 or 100 years, with maturity and death benefits included.
- Identity proof (Aadhaar, PAN)
- Address proof
- Age proof
- Passport-size photo
- Income proof (for high sum assured)
- Medical reports (if required)
It is generally recommended to have a cover of 10 to 15 times your annual income. Consider your debts, expenses, future goals, and inflation when choosing a sum assured.
A rider is an optional add-on that enhances your policy coverage. Common riders include accidental death benefit, critical illness, waiver of premium, and disability cover.
Yes, BetterAgent.in offers a simple and secure online platform to compare, choose, and buy life insurance from top insurers — all in a few clicks.
