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Sabse Pehle Life Insurance: Why Do You Need Life Insurance?

Sabse Pehle Life Insurance: Why Do You Need Life Insurance?

Sabse Pehle Life Insurance: Why Do You Need Life Insurance?

"Sabse Pehle Life Insurance" is a campaign to spread awareness about the importance of life insurance in India. This tag line is also translated into various Indian languages like Tamil, Telugu, Kannada, Malayalam, and Bengali which will help in increasing the reach and will also help in the distribution of the message on regional media across the country.

Why Do We Need Such A Campaign for Life Insurance?

In the insurance industry with 24 life insurance companies - "Sabse Pehle Life Insurance" is the first mass media campaign that aims to generate buzz and awareness around life insurance and its importance in the indian society. The objective of the campaign is to make people adopt life insurance coverage keeping in mind the uncertainties of life and securing the future of one's family. All this has been displayed in a short video launched recently by life insurance council of India.

Why Do We Need Life Insurance at Different Life Stages?

At various phases of our life, our financial needs and goals change. Life insurance is a critical tool that provides a safety net for the financial stability of the family. To keep up with the changing financial goals, our insurance needs also must change. Hence, investing in insurance cannot be a one-time decision. You will need to periodically review your Life insurance investment to ensure you are adequately covered and the financial future of your loved ones is well-insulated.

A good way to appraise your insurance needs is to check your coverage at different life stages. Across the timelines, different decisions and changes have a financial impact on you and your dependents. Here is a look at some significant milestones in life that dictate your life insurance needs:


Your career has probably just about begun. You probably don't have any dependents at this stage in your life unless your parents have already retired or you have siblings who depend on you

Similarly, there is a low likelihood of having any liabilities other than maybe an education loan.

This is a great time to start insurance planning. At a young and healthy age, the insurance premium will be very low. Take advantage of the same and purchase an insurance plan that can cover for your education loan. Choose a cover 2-3 times your annual salary and tenure of 35-40 years, so you don't have to purchase another basic cover later.


Salaried professionals would be at a mid-managerial level, while self-employed/ businessmen would have a stable revenue being generated. Most people would be married and have children, in addition to retired parent(s).

At this point, you most likely have multiple liabilities arising from marriage, children's expenses and probably a car loan and/or personal loan.

The insurance needs at this stage are very high considering the number of dependents, even if your spouse is employed. The future needs of the family, especially children must be considered.

You need an enhanced cover that accounts for the families living expenses, ageing parents, and the education of the children with enough coverage to service outstanding liabilities. So, make sure your insurance cover is at least 7-8 times your annual salary.


By this time working professionals would be holding a senior managerial role, and business owners will be looking to scale up. This age group reaps the benefit of a sizeable shift in income levels, upgraded lifestyle, ergo increased expenses and standard of living.

You are now probably supporting a spouse, teenage children and possibly parents. With young adults, there is a need for more space. Hence, the probability of purchasing a house is high, complemented by higher earning potential.

While the previous loans may have been paid off by now, building a housing asset will require a substantial loan. It becomes imperative to look for proportionately increased coverage from your insurance to cover the mortgage. You will also have to factor in the rising cost of higher education that your children will need in a couple of years and a retirement kitty for your spouse.


Working professionals are expected to be at top-management cadre while businesses are possibly well-established. The children have probably moved out of the nest by now.

Majority of the liabilities are usually taken care of with possibly the children's marriage expenses being an impending cost. The mortgage is still expected to be the major liability at this life stage.

The insurance needs at this age must focus on a comfortable retirement for your spouse and estate planning to take care of your outstanding liabilities and providing some tax-free asset for your children.


Insurance coverage usually peaks between the thirties and forties, but waiting until then to purchase a Life insurance plan is too risky a proposition. You will need an insurance policy that is flexible and adaptable to your changing goals, expectations and grows with you and your responsibilities.

One such insurance policy is the iSelect Star term plan that offers the option of increasing your coverage by 25% every five years. It ensures that no matter the life stage you are at, the cover is enough to provide for your family's financial needs. In fact, you also have the option of increasing your sum assured by 100% during the policy term. The only thing you need to keep in mind is to opt for the increasing cover option before the commencement of the policy. ISelect Star term plan is, therefore, an insurance policy that is truly with you every step of your life.

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

The premium is one of the most important factors to consider before buying a life insurance policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance plan. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Life insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age: It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chance of contracting diseases is low. Young people also opt for the best life insurance policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender: The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits: The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term: Policy terms are also taken into consideration by insurers while deciding the premium amount. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation: The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physician’s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence, there are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the life insurance policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance plan.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: A life insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the life insurance policy, the insurance companies generally pay 80% of the total premiums paid.

Buying the best life insurance plan online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one life insurance policy to increase the cover or avoid claim rejection. In case of multiple life insurance policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term, the beneficiary receives the death benefit. In case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment option is chosen, the policy works as a source of regular income.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan like iSelect Star Term Plan also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy a life insurance plan in your early 20s because it is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy the best life insurance plan at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why life insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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