Life insurance covers the risk of death and, in many plans, also builds savings. Term plans give protection only. Endowment and money-back plans combine cover with guaranteed or bonus-based payouts. Unit-linked plans (ULIPs) invest part of the premium in market-linked funds. Pension and annuity plans pay an income.
When a plan mixes insurance with savings, check how much of the premium buys cover, what the charges are and what you get back if you stop paying early.
Products
No products are listed in this category yet. Products appear here only after Finobazaar has reviewed them against the insurer's documents; we do not show invented products or prices.
What policies usually cover
- A death benefit to the nominee, as set by the plan
- A maturity or survival benefit in savings and money-back plans
- Fund value in unit-linked plans, which goes up and down with the market
Your policy wording lists exactly what is covered, the limits and the exclusions.
What to check before you buy
- The type of plan and what is guaranteed in writing
- Charges, the surrender value and when you can stop or withdraw
- The life cover amount compared with what your family would need
- The benefit illustration — it shows examples, not promises, for any part that is not guaranteed
Key terms
- Endowment plan
- Pays on death during the term or on survival to maturity.
- ULIP
- Unit-linked insurance plan: life cover plus investment in funds whose value can rise or fall.
- Surrender value
- What the insurer pays if you end the policy before its term, as set by the policy.
- Annuity
- A regular income bought with a lump sum or accumulated premiums.
Rules that apply
- No life insurance claim is to be rejected or closed only for want of documents or because it was reported late. [1]
Rules referred to
- IRDAI Master Circular on Protection of Policyholders' Interests, 2024 (IRDAI/PP&GR/CIR/MISC/117/9/2024, 5 September 2024)
Complaint handling, claim timelines for life, health and general insurance, Ombudsman awards.
Finobazaar read published copies of these rules on 19 October 2026. Rules change: check the current text on irdai.gov.in or with your insurer.
Calculators
Guides and checklists
- How to make a life insurance claimDeath claims by the nominee: documents, steps and the time the insurer has to decide.
- Lost or missing policy documentsGetting a duplicate policy and making a claim when the papers cannot be found.
- Claim rejected? Complaints and the Insurance OmbudsmanHow to challenge a rejection or short payment: insurer, IRDAI's Bima Bharosa and the Ombudsman.
- Renewing an insurance policyGrace periods, keeping your benefits and what to check before you renew.
- Life insurance death claim: document checklistDocuments a nominee or legal heir is commonly asked for. A missing document alone is not a reason to reject a life claim.
- Policy details review checklistWhat to check in a new policy, ideally within the free-look period.
Official resources
- IRDAI – Insurance Regulatory and Development Authority of India (opens in a new tab)The insurance regulator: regulations, circulars and the lists of registered insurers and intermediaries.
- IRDAI policyholder website (opens in a new tab)IRDAI's site for policyholders: consumer education and how to complain.
- Bima Bharosa – IRDAI grievance portal (opens in a new tab)Register and track a complaint against an insurer after you have complained to the insurer.Toll-free 155255 or 1800 4254 732; email complaints@irdai.gov.in. IRDAI accepts complaints from the policyholder or claimant, not from agents or other people writing for them.
- Council for Insurance Ombudsmen (opens in a new tab)A free complaint to the Insurance Ombudsman when the insurer has not resolved your complaint. Claims up to ₹50 lakh.
Addresses checked on 19 October 2026.