1.
Introduction
Imagine tumhare paas ek bada toy hai… aur wo toy agar toot gaya toh naya lene ke liye paisa
lagta hai.
Agar tum apne dost se bolo – "tu 10 rupaye rakh le, agar mera toy toot gaya toh tu mujhe naya
toy kharid dena" – yehi Insurance hai..
Definition:
Insurance ek aisa contract hai jisme tum ek company ko thoda-thoda paisa dete ho (isko
premium bolte hain). Aur badle mein company promise karti hai ki agar tumhe koi bada loss ya
problem hoti hai (jaise accident, death, health issue, car damage, fire, etc.), toh company tumhe
paisa degi.
Purpose:
Risk ko share karna
Financial security dena
Future uncertainty se protection
2. Insurance ki zarurat kyu hai?
Life unpredictable hai – accident, illness, death, natural disaster kabhi bhi ho sakti hai.
Savings ek taraf hai, lekin ek bada loss kabhi kabhi lakhon ka hota hai.
Insurance ek financial shield hai jo tumhe aur tumhari family ko safe rakhta hai.
Example:
Tumhe hospital bill 5 lakh ka aaya. Agar insurance hai toh tumse sirf 10-20k lagta hai, baaki
insurance company pay karti hai.
Insurance ke Types
Life Insurance
Yeh tumhari life ke against protection hai.
Agar insured person mar jata hai, toh family ko paisa milta hai.
Types of Life Insurance:
1. Term Insurance
o Pure protection. Cheap premium.
o Example: Tum 500 rupees mahine bharte ho, aur agar tumhe kuch ho jata hai toh
family ko 1 crore milta hai.
o Best for young professionals.
2. Endowment Policy
o Protection + Savings.
o Agar insured mar jaye toh paisa milega, agar survive kare toh maturity ke baad
bhi paisa milega.
o Example: LIC Endowment plan.
3. ULIP (Unit Linked Insurance Plan)
o Insurance + Investment.
o Tumhara premium ka ek part market (stocks, bonds) mein invest hota hai.
o High risk, high return.
4. Whole Life Insurance
o Pure lifetime coverage.
o Example: Tum premium bharte raho, aur tumhari death tak valid hai.
5. Money Back Policy
o Thoda-thoda paisa time-time pe milta hai + maturity pe bhi.
o Example: LIC Money Back 20 years.
Health Insurance
Yeh tumhari medical expenses cover karta hai.
Hospital bills, surgery, medicines – sab cover hote hain
Types of Health Insurance:
1. Individual Plan – sirf ek person ke liye.
2. Family Floater – poori family ke liye ek plan.
3. Critical Illness Plan – cancer, heart attack jaise bade diseases ke liye special coverage.
4. Top-up Plans – existing insurance ke upar extra coverage.
Example: Apollo Munich Health Insurance, Star Health, ICICI Lombard.
General Insurance
Ye life se related nahi hote. Har wo cheez jo damage ya loss ho sakti hai – uske against.
Types:
1. Motor Insurance
o Car, bike accident ya theft ke liye.
o Example: Agar car accident hota hai toh repair cost company degi.
o Compulsory in India.
2. Home Insurance
o Ghar mein fire, earthquake, theft ke against protection.
o Example: Agar ghar jal gaya toh company paisa degi.
3. Travel Insurance
o Flight delay, baggage lost, medical emergency abroad ke liye.
o Example: Europe trip pe ja rahe ho aur luggage kho gaya – company paisa degi.
4. Fire Insurance
o Factory, shop mein fire se loss cover karta hai.
5. Marine Insurance
o Samundar se maal transport hota hai, uske liye protection.
Term Insurance – Detailed Explanation
1. Definition
Term Insurance ek aisa pure risk protection plan hai jisme insured person apni life cover
karwata hai ek fixed period (term) ke liye. Agar us period ke dauran insured ki death ho jaati
hai toh nominee ko sum assured milta hai. Agar insured poora term survive kar jata hai toh
generally koi maturity value nahi milti.
Isko simple language mein samjho – tum insurance company ko regular premium doge. Agar
tumhe kuch ho jaata hai (death during the policy term), toh tumhari family ko ek bada
amount mil jaayega. Agar tum zinda ho policy term ke end tak, toh paisa wapas nahi milega.
2. Key Features
1. Pure Protection Plan
o Sirf death cover deta hai.
o Investment ya savings ka component nahi hota.
2. High Coverage at Low Premium
o Baki insurance products ke comparison mein bahut sasta hota hai.
o Example: 25 saal ke insaan ko 1 crore cover ke liye sirf 500–700 rupees per
month premium dena padta hai.
3. Fixed Term
o Policy ek certain term ke liye hoti hai, jaise 10, 20, 30, 40 years.
4. Death Benefit
o Agar policyholder ki death ho jaati hai term ke dauran, toh nominee ko sum
assured milta hai.
5. No Survival Benefit
o Agar insured alive hai term ke baad, toh paisa wapas nahi milta (except Return
of Premium variant).
Best Term Insurance Plans India 2025 (for New Job Starters)
“New job starter” ke liye kuch cheezein zaruri hoti hain: premium kam ho, claims settlement
ratio (CSR) achhi ho, flexibility ho term aur riders ka, aur trusted company.
Kaunsa Plan Naye Job Start Karne Wale Ke Liye Best Hai
Agar tumne abhi job shuru ki hai, toh ideal plan aisa ho jo:
• Premium zyada na ho (budget friendly)
• Sum assured achha ho (jaise 1 crore ya us se zyada agar family responsibilities hain)
• Riders ho sakte hon (accident cover, waiver of premium etc.)
• Term ho lambi (20-30 saal ya jab tak tum retire nahi karte)
• Company ka track record acha ho (CSR high ho)
Kaise Open Term Insurance Policy – Step by Step Process
Yeh typical step-by-step procedure hai jo most companies follow karti hain. (Online ya offline
dono tarah possible hai, lekin online zyada convenient hai.)
1. Need Assessment / Planning
o Decide karo ki tumhe kitna cover chahiye:
▪ Family ka kharcha (monthly expenses, education, etc.)
▪ Loan liabilities ya debts
▪ Future goals (ghar banana, bachchon ki education)
o Samajho tumhari income abhi kya hai, future badhegi ya nahi, inflation ka
effect kitna ho sakta hai.
2. Compare Policies
o Trusted platforms use karo like PolicyBazaar, PolicyX, company websites.
Policybazaar+2PolicyX+2
o Compare “sum assured vs premium”
o Dekho CSR (Claim Settlement Ratio) aur customer reviews.
o Check kya riders chahiye (Accidental Death, Critical Illness etc.)
3. Choose Company & Plan
o Based on premium affordable ho, coverage sufficient ho, company trusted ho.
o Term choose karlo: 20, 25, 30 years etc.
4. Online Application / Offline Form Filling
o Online: Company website ya aggregator (PolicyBazaar etc.)
o Offline: Office branch, agent se milke form fill karna
5. Fill Proposal Form
o Personal details: Naam, DOB, gender, address
o Health details: pre-existing diseases, smoking/alcohol habits etc.
o Lifestyle, occupation (agar risky ho toh premium zyada ho sakta hai)
6. Medical Check-up
o Kuch companies required karte hain medical test (blood tests, ECG, etc.) agar
sum assured ya age threshold cross ho.
o Kuch plans hai jisme low cover ya young age mein medical test waiver hoti hai.
7. Documents Submit Karna
Common documents:
o Identity proof (Aadhaar, PAN, Passport)
o Address proof (electricity bill, Aadhaar, voter ID etc.)
o Income proof (salary slips, Form 16 etc.)
o Passport size photos
o Medical test reports if required
8. Pay First Premium
o Premium frequency choose karo (monthly, quarterly, yearly)
o Payment online (net banking, credit card), or by cheque through agent etc.
9. Policy Issuance
o Company verify karegi sab details, documents, test results.
o Agar sab sahi hua toh policy issue hogi. Policy document milega—online email
+ hard copy ya pdf.
10. Nominee Designation
o Nominee ka naam clearly likho jisse death benefit unke pass jaaye.
o Agar badalna ho future mein, policy ke through change kiya ja sakta hai.
11. Policy Active / Keep Premiums timely
o Grace period hota hai agar premium due ho gaya ho.
o Policy lapse na ho jaye isliye timely payment karo.
Endowment Policy
Definition
Endowment Policy ek aisi life insurance plan hai jo tumhe life cover + savings/maturity benefit
dono deti hai.
• Agar insured ki death ho jaati hai policy term ke dauran → Sum Assured + Bonus
nominee ko milega.
• Agar insured alive hai policy term ke end tak → Sum Assured + Bonus insured ko khud
milega (maturity benefit).
Iska matlab hai ki Term Insurance ki tarah paisa waste nahi hota agar insured survive karta
hai. Endowment plan ek tarah ka dual benefit plan hai – security bhi aur saving bhi.
Key Features
1. Life Cover + Savings
o Death pe family ko paisa, survival pe khudko paisa.
2. Fixed Sum Assured
o Jo bhi tumne policy lete time decide kiya, wahi cover hota hai.
3. Bonus Addition
o Insurance company har saal profit banati hai toh tumhari policy pe “bonus” add
karti hai. Ye maturity ya death ke time milega.
4. Premiums Fixed
o Premiums regular hote hain (monthly/quarterly/yearly).
5. Low Risk Investment
o Ye ek safe option hai, returns fixed aur moderate hote hain.
Types of Endowment Policies
1. With Profit Endowment Plan
o Bonus ke saath.
o Example: LIC New Endowment Plan.
2. Without Profit Endowment Plan
o Sirf fixed sum assured milega, koi bonus nahi.
3. Unit Linked Endowment Plan (ULIP Endowment)
o Insurance + stock market investment. Premium ka ek part market mein invest
hota hai.
4. Full Endowment
o Sum Assured + Bonus hamesha maturity ke time pe original sum assured se
zyada hoga.
5. Low-Cost Endowment Plan
o Short-term goals ke liye, jaise loan repayment ke liye.
5. Riders Available
• Accidental Death Rider – Accident se death pe extra sum assured.
• Critical Illness Rider – Bade diseases pe lump sum payout.
• Waiver of Premium Rider – Disability ke case mein future premiums maaf.
6. Eligibility and Premium Factors
Premium calculate karte waqt company dekhti hai:
• Age (kam age = kam premium)
• Sum Assured (zyada cover = zyada premium)
• Policy Term (longer term = higher premium)
• Health conditions (diseases hone pe premium badhta hai)
• Smoker/Non-Smoker status
7. Claim Settlement
1. Death Claim – Insured ki death hone par nominee claim karega → documents submit
karega (death certificate, policy papers, ID proof).
2. Maturity Claim – Agar insured survive karta hai → directly maturity amount + bonus
insured ko milega.
8. Advantages
• Dual benefit: Protection + Savings
• Guaranteed payout (death/maturity dono mein)
• Risk-free, market se linked nahi
• Tax benefits under 80C (premium) and 10(10D) (payout)
• Financial discipline banata hai (regular premium payment)
9. Disadvantages
• Premium zyada hota hai compared to Term Insurance
• Returns kam hote hain (5–7% approx), market se linked investments (MF/Stocks) se
kam
• Inflation ke hisaab se kabhi kabhi payout ka value kam lagta hai
10. Companies Offering Endowment Policies in India
1. LIC – LIC New Endowment Plan, LIC Jeevan Anand
2. HDFC Life – Sanchay Plus, Click2Wealth (ULIP type)
3. ICICI Prudential – ICICI Pru Assured Savings
4. SBI Life – Smart Platina Assure
5. Bajaj Allianz – Endowment Assurance Plan
11. Example Case
Ravi, age 25, buys an Endowment Plan of Sum Assured = 10 lakh, Term = 20 years.
• He pays approx ₹4,000 per month premium.
• If Ravi dies during policy term → Nominee gets ₹10 lakh + bonus.
• If Ravi survives full 20 years → Ravi gets maturity value (approx ₹10 lakh +
accumulated bonus, say ₹15 lakh total).
12. Endowment vs Term Insurance
Feature Term Insurance Endowment Policy
Premium Very Low High
Coverage Only risk (death) Risk + Savings
Maturity Benefit No Yes
Returns Nil (unless TROP) 5–7% approx
Ideal For Family protection, cheap cover Long-term savings + security
ULIP (Unit Linked Insurance Plan)
1. Definition
ULIP ek aisa insurance plan hai jisme Life Insurance cover ke saath-saath tumhare premium ka
ek part investment (mutual fund jaisa) mein lagta hai.
• Premium do parts mein divide hota hai:
1. Protection Part → Life Cover ke liye use hota hai.
2. Investment Part → Equity, Debt, Balanced funds mein invest hota hai (tumhare
choice ke hisaab se).
Matlab: ULIP ek umbrella product hai – tumhe insurance bhi deta hai aur saath mein wealth
creation ka option bhi deta hai.
2. Key Features
1. Dual Benefit
o Life cover + investment dono ek hi policy mein.
2. Fund Options
o Equity Fund (high risk, high return)
o Debt Fund (low risk, low return)
o Balanced Fund (equity + debt mix)
3. Flexibility
o Tum apna fund mix change kar sakte ho (switching option).
o Example: Start mein equity choose karo, baad mein retirement ke paas aake
debt shift kar do.
4. Lock-in Period
o Minimum 5 years ka lock-in hota hai. Pehle withdraw nahi kar sakte.
5. Transparency
o Premium breakup clearly dikhaya jaata hai (insurance cost, investment
allocation, charges).
Types of ULIPs
1. Single Premium ULIP
o Ek hi baar ek bada premium payment.
2. Regular Premium ULIP
o Monthly/annual premium payment.
3. ULIP for Wealth Creation
o Maximum fund growth ke liye equity-oriented.
4. ULIP for Retirement
o Pension/annuity create karne ke liye.
5. ULIP for Children’s Education
o Child future goals ke liye targeted plan.
ULIP aur Tax Benefits
1. Premium Payment par Tax Benefit (Section 80C)
• ULIP premium par deduction milta hai Income Tax Act ke Section 80C ke under.
• Maximum limit: ₹1.5 lakh per financial year.
• Condition:
o Policyholder → individual ya HUF ho sakta hai.
o Policy life insured = khud, spouse, ya children ke liye ho sakti hai.
2. Maturity Proceeds par Tax Benefit (Section 10(10D))
• ULIP ka maturity amount tax-free hota hai (principal + returns), lekin kuch conditions
ke saath:
o Agar policy 1st April 2012 ke baad issue hui hai:
▪ Premium ≤ 10% of Sum Assured → maturity proceeds tax free.
▪ Premium > 10% of Sum Assured → maturity proceeds par tax lagega.
o Agar policy 1st April 2012 se pehle issue hui hai:
▪ Premium ≤ 20% of Sum Assured → maturity proceeds tax free
Example:
• Tumne ₹1 lakh annual premium ka ULIP liya hai aur Sum Assured ₹15 lakh hai
(premium = 6.6% of SA). → maturity payout tax free hoga.
• Agar premium ₹3 lakh aur Sum Assured sirf ₹20 lakh (premium = 15% of SA). →
maturity payout taxable hoga.
Death Benefit par Taxation
• Agar policyholder ki death ho jaati hai, toh jo bhi payout nominee ko milta hai →
poora tax free hota hai, chahe premium ratio kuch bhi ho.
Long-Term Capital Gain (LTCG) Tax on ULIPs (Finance Act, 2021 se change aaya)
• Agar ek saal ke premium ₹2.5 lakh se zyada hai → maturity proceeds equity mutual
funds jaisa treat hoga.
• Yaani equity-oriented ULIP ke gains par 10% LTCG tax lagega (₹1 lakh se upar ke gains
par).
• Isliye ab ULIPs ko “high premium, tax-free investment” ke liye use karna thoda limited
ho gaya hai.
Lock-in Period aur Tax
• ULIP ka minimum lock-in 5 years hai.
• Agar tum 5 saal se pehle policy surrender karte ho, toh:
o Jo bhi 80C ka deduction tumne liya hai, usko reverse kar diya jaata hai (yaani
taxable ban jaata hai).
Summary
• Premium: Tax deduction under 80C (max ₹1.5 lakh).
• Maturity: Tax-free under 10(10D), condition = premium ≤ 10% of SA (or ≤ 20% for old
policies).
• Death Benefit: Always tax free.
• High Premium ULIPs: Agar yearly premium ₹2.5 lakh se zyada hai → maturity proceeds
taxable (equity LTCG rules apply).
• Surrender within 5 years: Tax benefits cancel.