Life Insurance
What is Life Insurance?
Life insurance is the foundation of a sound financial plan. It is a legally binding contract between you
and the insurer, where you pay a premium in exchange for a guaranteed sum assured to be paid to your
family in the event of your untimely passing. It is more than just a policy; it is a promise of
financial continuity for your dependents, ensuring they can stay in their home, pursue their education,
and live with dignity even in your absence.
At DigiAssure, we believe every individual's legacy deserves to be protected. Our life insurance
solutions range from pure protection term plans to wealth-building investment options like ULIPs and
endowment plans. We offer flexible policy terms, multiple payout options, and competitive premiums
tailored to your life stage and goals. With our high claim settlement ratio and customer-first approach,
we provide the peace of mind you need to plan your family's future with confidence.
Types of Life Insurance
1. Term Life Insurance
The most affordable and popular form of protection. It provides a high life cover for a specific duration (term). If the insured passes away during the term, the nominee receives the full sum assured as a lump sum.
2. Whole Life Insurance
Provides coverage for the policyholder's entire lifetime (usually up to 100 years). It ensures that your family receives a death benefit regardless of when you pass away, often building cash value over time.
3. Endowment Plans
Offers the dual benefit of protection and savings. It pays the sum assured to the nominee if the insured dies during the term, or provides a maturity benefit (including bonuses) if the insured survives the term.
4. Unit Linked Insurance Plans (ULIPs)
Combines life cover with the opportunity for wealth creation. A portion of your premium goes toward insurance, while the rest is invested in market-linked funds (equity, debt, or balanced) based on your choice.
Key Features of Our Life Insurance
High Coverage
Get substantial life cover at affordable premiums, ensuring full protection for your family's future.
Tax Savings
Enjoy deductions up to ₹1.5 lakh under Section 80C and tax-free death benefits under 10(10D).
Maturity Benefits
Receive a lump-sum amount at the end of the policy term in endowment and ULIP plans.
Flexible Payouts
Choose between lump-sum, monthly income, or a combination for the death benefit payout.
Add-on Riders
Enhance your cover with riders for Accidental Death, Critical Illness, or Waiver of Premium.
Loan Facility
Access emergency funds by taking a loan against your policy's surrender value when needed.
Term Plan vs Endowment Plan
Compare the pure protection of a term plan against the savings-led endowment plan.
| Feature | Term Insurance | Endowment Plan |
|---|---|---|
| Primary Purpose | Pure Life Protection | Protection + Savings |
| Coverage Amount | Very High (e.g., 1 Crore+) | Relatively Lower |
| Premium Amount | Very Low (Highly Affordable) | Higher |
| Maturity Benefit | None (Usually) | Guaranteed + Bonuses |
| Policy Complexity | Simple & Transparent | Moderate |
| Tax Benefits | Yes (80C & 10(10D)) | Yes (80C & 10(10D)) |
| Surrender Value | None | Acquires after 2-3 years |
| Ideal For | Income Replacement | Goal-based Wealth Creation |
Life Insurance Coverage
Understanding the critical inclusions and standard exclusions of your life cover.
What Life Insurance Covers
Standard inclusions for total peace of mind
- Natural Death
- Accidental Death
- Death due to Critical Illness (if rider)
- Death due to Natural Calamities
- Death due to COVID-19
- Terminal Illness diagnosis (if rider)
What Life Insurance Does NOT Cover
Standard exclusions in life policies
- Suicide within the 1st policy year
- Death due to Alcohol or Drug abuse
- Participation in criminal activities
- Death due to War or Civil unrest
- High-risk adventure sports (if undeclared)
- Self-inflicted injuries
Life Insurance Add-Ons (Riders)
Customize your base policy with extra protection for specific risks.
Accidental Death Benefit Rider
Provides an additional lump-sum payment to your family if death occurs due to an accident, over and above the base sum assured.
Critical Illness Rider
Pays a lump-sum amount upon diagnosis of major illnesses like cancer or heart attack, helping manage treatment and recovery costs.
Waiver of Premium Rider
Ensures that your policy remains active without further premium payments if you become permanently disabled or are diagnosed with a critical illness.
Accidental Total Disability Rider
Provides regular income or a lump-sum payout if an accident leads to permanent and total disability, impacting your earning capacity.
Income Benefit Rider
Ensures your family receives a steady monthly income for a fixed period after your death, helping them manage day-to-day expenses easily.
Factors That Influence Life Premium
Understand how your profile and policy choice determine the cost of cover.
1. Age of Applicant
Age is the biggest factor. Younger individuals pay much lower premiums as they pose a lower risk of death to the insurer.
2. Smoking Status
Tobacco users and smokers are charged significantly higher premiums (often 50-100% more) due to higher health risks.
3. Health History
Your current health status and any history of chronic medical conditions like diabetes or hypertension will influence the premium.
4. Policy Term & Sum Assured
Naturally, a higher coverage amount and a longer duration of protection will lead to a higher annual premium.
5. Occupation Risks
Individuals working in high-risk environments (like oil rigs, mines, or aviation) might face higher premiums or specific exclusions.
Tips to Save on Life Insurance
Practical ways to get the highest life cover at the most affordable price.
1. Buy as Early as Possible
Locking in a term plan in your 20s or early 30s ensures extremely low premiums that stay fixed for the entire policy term.
2. Quit Tobacco Habits
Being a non-smoker can save you thousands of rupees every year in life insurance premiums. Stay healthy to save more.
3. Compare Plans Online
Online term plans are usually 20-40% cheaper than offline plans as they eliminate agent commissions and administrative overheads.
4. Choose Annual Payments
Paying your premiums annually instead of monthly or quarterly often helps you avoid small processing fees and administrative charges.
5. Select Riders Wisely
Only add riders that are relevant to your lifestyle and risks. Too many riders can unnecessarily inflate your premium cost.
Documents Required for Life Insurance
Keep these essential documents ready for a quick and paperless onboarding.
Identity & Age Proof
- Aadhaar Card or Voter ID
- PAN Card (Mandatory for all claims)
- Passport or Birth Certificate
Income Proof
- Salary Slips (Last 3 months)
- Form 16 or ITR (Last 2 years)
- Bank Statement showing salary credit
Medical Records
- Pre-policy medical examination (if required)
- History of chronic illnesses/surgeries
- Current medication and doctor notes
Address Proof
- Utility Bills (Electricity/Gas/Phone)
- Rental Agreement or Property Tax receipt
- Ration Card or Bank Passbook
Payment & Nominee Details
- Canceled Cheque for nominee bank account
- Identity proof of the Nominee
- Relationship proof with the Nominee
Life Insurance Claim – Step by Step
A compassionate and transparent process to support your family during tough times.
Claim Intimation
The nominee informs DigiAssure about the policyholder's demise via phone, email, or our website.
Form Submission
The nominee fills out the death claim form and submits it along with original policy documents.
Document Collection
Submit death certificate, identity proof, and any medical reports related to the cause of death.
Claim Verification
Our dedicated claim team verifies all submitted documents and the cause of death as per policy terms.
Internal Assessment
For early claims (within 3 years of policy), a routine verification is conducted for utmost transparency.
Decision & Approval
Once verification is successful, the claim is approved, and the final payout amount is calculated.
Payment Transfer
The claim amount is transferred directly to the nominee's bank account via secure NEFT/RTGS.
Ongoing Support
Our customer care team remains available to assist the family with any further post-settlement queries.
Benefits of Life Insurance
Why choosing DigiAssure is the smartest step toward your family's security.
Ultimate Family Protection
Ensures your family remains financially independent and can sustain their lifestyle even in your absence.
Debt & Liability Management
The death benefit can be used to pay off home loans, personal loans, or other debts, freeing your family from burden.
Goal Fulfillment
Secures your children's higher education and marriage goals, even if you are not there to fund them.
Disciplined Savings
Endowment and ULIP plans encourage long-term savings while providing the essential safety of life cover.
Wealth Appreciation
ULIPs allow you to grow your wealth through market investments while keeping your life protected.
Guaranteed Peace of Mind
Live life without the constant worry of "what if," knowing your loved ones are fully protected.
Frequently Asked Questions
Answering your most important questions about life insurance plans.
Who can be a nominee in my policy?
A nominee is typically a close family member like your spouse, children, or parents. They are the person appointed to receive the death benefit. You can change your nominee at any time during the policy term.
What happens if I stop paying premiums?
If you stop paying premiums, your policy may lapse, and you will lose the life cover. For endowment or ULIP plans, if you have paid premiums for at least 2-3 years, the policy may continue with a reduced cover (paid-up value).
What is a Free-look period?
It is a 15-day window (30 days for online policies) from the date of policy receipt. If you are not satisfied with the terms, you can return the policy and get a refund of your premium, minus proportional risk cover and medical charges.
Does term insurance have any maturity benefit?
Standard term insurance plans do not have maturity benefits; they only pay a death benefit. However, there are specific plans called "Term with Return of Premium" (TROP) that refund your total premiums at the end of the term if you survive.
How much life insurance cover do I need?
A general rule of thumb is to have a life cover that is at least 10 to 15 times your annual income, plus any outstanding liabilities like home loans, to ensure your family's needs are fully met.
Is a medical checkup mandatory?
Not always. Medical checkups are usually required based on your age, the sum assured chosen, and your declared medical history. Many young applicants choosing lower sum assured amounts can get policies without medical tests.
Are death benefits tax-free?
Yes, as per Section 10(10D) of the Income Tax Act, the death benefit (including bonuses) received by the nominee is completely tax-free, regardless of the amount.
Can I have multiple nominees?
Yes, you can appoint multiple nominees for your life insurance policy and even specify the percentage of the claim amount each nominee should receive.