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Life Insurance

We understand how important your family’s happiness is to you and how hard you work for them. It is equally important to secure your family’s future by taking a life protection cover. A Life Insurance plan is a simple way to get comprehensive protection at an affordable price and protect your loved ones against the uncertainties that life may throw at you. We present to you a broad range of Protection Plans uniquely designed to secure your family at every stage of life.

Disclaimer: Tata Capital Limited (“TCL”) bearing License no. CA0896 valid till 21-Jan-2027, acts as a Composite Corporate Agent for TATA AIA Life Insurance Company Limited, HDFC Life Insurance Company Limited, BAJAJ Allianz Life Insurance Company Limited, Kotak Mahindra Life Insurance Company limited, TATA AIG General Insurance Company Limited, IFFCO Tokio General Insurance Company Limited & Star Health and Allied Insurance Co Ltd. Please note that, TCL does not underwrite the risk or act as an insurer. For more details on the risk factors, terms & conditions please read sales brochure carefully of the Insurance Company before concluding the sale. Participation to buy insurance is purely voluntary.

The Registered office of TCL is Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam, Marg, Lower Parel, Mumbai-400013

What is Life Insurance?

A Life Insurance plan is a simple way to get comprehensive protection at an affordable price and protect your loved ones against the uncertainties that life may throw at you. We present to you a broad range of Protection Plans uniquely designed to secure your family at every stage of life.
Life Insurance can also be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period

Types of Life Insurance

Term insurance policies provide the predefined amount of money to the policyholder’s family, only if the policyholder dies during a specified term. No claim if the insured person survives till the end of the policy period. This policy essentially remains active for a predefined time and is one of the affordable policies available in the market.

Whole life insurance as the name suggests provides you cover at all points of your life in which the policy is in force. This coverage time can go as long as 100 years. These policies also offer loan facilities to the policyholder. The overall process of buying is simple and can be done online as well through a simple process.

The main difference and advantage of money back policy is that it gives the policyholder different survival benefits which are linked to the period of the policy. Unlike other policies, this policy gives you money during the policy period. Regardless of the instalments paid, if the policyholder dies, the family gets the entire sum. These policies are expensive as compared to other counterparts.

Endowment policies are different from term insurance policies in a way that in case of these policies, the insured gets a lump sum amount of money if s/he survives till the maturity date. The policy offers insurance with savings at the same time. They also come with riders that may be used to increase the coverage of the policy. In case of death, the endowment policy guarantees that along with the sum a participation profit is also paid according to the nature of the policy.

Why would one need Life Insurance?

Tax benefits

Enrolling for a life insurance policy can guarantee you tax benefits.The premiums you pay towards the policy make you eligible for tax exemptions of up to ₹1.5 lakhs of your taxable income, under Section 80C of the Income Tax Act. The death benefits are also fully tax exempt, under Section 10(10)D of the ITA.

Guarantee of fix returns

Life insurance policies guarantee that you get a fixed amount after a fixed timeline. You need to go through the structure of different life insurance products. Read through the structure and terms and conditions of different life insurance products to choose a policy that best suits your needs. Whatever you choose, you can rest assured that the promised death benefits will be disbursed to the beneficiary, if the information provided by you at the time of enrolling for the policy was accurate.

Risk mitigation and coverage

These policies provide the quintessential risk coverage in terms of monetary compensations to mitigate and cover risks after the policyholder’s death. By enrolling for life insurance, you are protecting your family against financial risks that would occur if the primary breadwinner meets an untimely death.

Provision for loan

Certain policies provide the option of loan and allow to borrow a sum of money. This means that if you need to take on a loan, for instance, to fund the education or marriage of a child, you can use the life insurance policy as collateral.

Health expense coverage

Most of these policies cover the health and treatment expense that may occur if the policy holder falls ill. You can also choose riders to increase the coverage of the insurance policy to protect your finances even while you are alive.

Who can get Life Insurance?

When it comes to the age-old and vital question of whether you actually need a life insurance policy, the answers are many. It all depends on what stage of life you’re in and what your goal is to buy life insurance. Of course, the primary goal of any life insurance is to secure your family’s finances if you pass away. It is a way to ensure that your family can carry out their day to day expenses, pay bills, pay rent or EMIs and pay school fees even in your absence. But a life insurance policy can have secondary benefits as well, like tax savings and as an investment.

So, who should get life insurance and when they should get it, depends on a lot of factors. Given below, is a list of people who may or may not need to buy life insurance, along with a few situations when one should opt for life insurance.

Young and single adults

If there is someone who needs life insurance the least, it is very young individuals. In most cases, very young people that are single and who do not have anyone depending on them for their finances will not require a life insurance policy.

The one reason a young person may buy life insurance at an early age is to make sure that the premiums stay low even when the person actually needs life insurance after a few years. This is because premiums increase as a person ages and so does the probability of diseases, leading to problems in your medical test.

New families

New families or people who are about to be married should be the first in line to get life insurance. The reasons are simple. When you start a family, you immediately have someone depending on you, even if both partners are working. Any future children shall also benefit from the life insurance payout in case something happens to you.

One of the advantages of getting life insurance just before you get married or when you’re newly married is the lesser cost of premiums.

Existing families

If you belong to an existing family with one or more breadwinners and children, then you must have a life insurance plan for family in place. If you’re the sole breadwinner of the family who brought a monthly income that paid for your children’s education, house bills, rent or EMIs and day to day expenses, then your family will need some financial stability if something were to happen to you. Even if both you and your partner are working, a life insurance policy is necessary to pay for people working inside the home, like child caretakers and people doing home chores.

People with home loans

The purchase of a home via a home loan is a significant expense and if you pass away, then your family may not be able to pay the EMIs. With life insurance, you can rest assured that your family home is secure because the death benefit paid out to your family can be used to pay your loan EMIs. Insurance companies also offer to pay the death benefit via monthly installments, helping your family to regularly pay the home loan EMIs.

Working couples without children

A married couple who do not yet have a child, and who are both bringing in a monthly income, may or may not require life insurance. In this case both partners have to weigh in their options and decide whether they need life insurance. The number one factor is the salary.

If one of the partners passes away, will the other partner be able to sustain their lifestyle comfortably with their salary alone? If the answer is yes, then they do not require life insurance. But if one partner is contributing a much higher amount to the finances, then a life insurance policy would leave the other partner in a much better position, provided that the cost of premiums is not much of a burden on the couple.

Employed persons that have life insurance provided by their company

Many companies provide life insurance to their employees. But is a company providing life insurance policy enough or should you go for a separate life insurance policy as well? The latter situation is what you should be aiming towards. The problem with a work-related life insurance policy is that, it will be terminated when you leave your job. It is always better to have a separate life insurance policy because even when you’re out of a job or between jobs, you would still have coverage.

Business owners

If you’re a business owner or a business partner, you’re likely to have many people relying on you. In this case if something happens to you, they will be in an unfortunate position. Thus, a separate life insurance policy to take care of your business obligations is always a good idea.

Senior citizens and retired persons

Most senior citizens and retired people do not need life insurance because they do not have anyone depending on them for their finances, and the cost of life insurance at this stage would be high. However, if the concerned person wishes to leave a good amount of money for a loved one or their family as a backup or saving, then they can go for a life insurance policy, provided that they pass the medical test and are up for paying higher premiums.

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Life Insurance

What is Life Insurance?

Types of Life Insurance