Life Insurance
A life insurance policy, an agreement between an individual and an insurer, provides financial security to the beneficiary in case of sudden death of the insured person.
Life insurance pays out a death benefit that supports the family in case of loss of life while the policy is active. You can avail of life insurance through Term plans that protect your family financially or Investment plans that help in wealth creation for a secured future.
Preferred Life Insurance Options
Highlights of Life
Insurance
Types of Life Insurance
Term Plan
This is a life insurance policy that provides financial support to your loved ones in case of your death during the policy period. You pay a premium, and if something happens to you, your family gets the sum assured.
Saral Jeevan Bima
This is a simple individual term life insurance policy that gives your family financial protection in case you die early. It offers flexible premium payment options, attractive discounts, and a high sum assured.
Pension Plan
Long-term investment plans are aimed at people who want to save for retirement, offering several tax benefits. The central government and PERDA regulate the National Pension Scheme.
GRP/Endowment Plan
Guaranteed Return Plan is a life insurance policy thatcombines investment and coverage. You can use themto create a savings corpus and provide financialsupport to your family in case of your death. GRP isalso offered under endowment policies.
ULIP
Unit Linked Insurance Plan (ULIP) allows life coverageand investments directly from the market. The fundsare further invested in debt funds, equity, or both. It'sone of the best investment plans in India for highertax-free returns
Child Plan
It helps you make monetary provisions for the future of your child. Child investment plans combineinvestment and insurance to ensure your kid getsfixed yearly payment or lump sum in the future.
Money-Back Policy
Most Popular Life Insurance Plans
Digio shield plan (level term insurance)
Joint Life Protection
Option to cover your Spouse under the same Policy with Joint Life Protection
Survival Benefit
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
MeraTerm Plan Plus Life
Premium Return
With Return of Premium option to get your Premium back on survival till maturity.
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
iProtect Smart
Enhanced protection
Coverage against death, terminal illness and disability
Premium Rates
Special premium rates for non-tobacco users.
iTerm Comfort
Tax Benefits
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Critical Illness Rider
Can add Critical Illness Rider that covers 35 critical illness.
Digio shield plan (level term insurance)
Joint Life Protection
Option to cover your Spouse under the same Policy with Joint Life Protection
Survival Benefit
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
MeraTerm Plan Plus Life
Premium Return
With Return of Premium option to get your Premium back on survival till maturity.
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
iProtect Smart
Enhanced protection
Coverage against death, terminal illness and disability
Premium Rates
Special premium rates for non-tobacco users.
iTerm Comfort
Tax Benefits
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Critical Illness Rider
Can add Critical Illness Rider that covers 35 critical illness.
Digio shield plan (level term insurance)
Joint Life Protection
Option to cover your Spouse under the same Policy with Joint Life Protection
Survival Benefit
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
MeraTerm Plan Plus Life
Premium Return
With Return of Premium option to get your Premium back on survival till maturity.
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
iProtect Smart
Enhanced protection
Coverage against death, terminal illness and disability
Premium Rates
Special premium rates for non-tobacco users.
iTerm Comfort
Tax Benefits
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Critical Illness Rider
Can add Critical Illness Rider that covers 35 critical illness.
Digio shield plan (level term insurance)
Joint Life Protection
Option to cover your Spouse under the same Policy with Joint Life Protection
Survival Benefit
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
MeraTerm Plan Plus Life
Premium Return
With Return of Premium option to get your Premium back on survival till maturity.
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
iProtect Smart
Enhanced protection
Coverage against death, terminal illness and disability
Premium Rates
Special premium rates for non-tobacco users.
iTerm Comfort
Tax Benefits
Stand eligible for tax deductions under Section 80C for the Income Tax Act, 15D.
Critical Illness Rider
Can add Critical Illness Rider that covers 35 critical illness.
Sanchay Plus
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Life Long Income
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
POSGoal Suraksh
Avail Loan
Option to take policy loan once policy acquires surrender value
Payment Mode
Option to alter premium payment mode
iProtect Smart
Avail Loan
Option to take policy loan once policyacquires surrender value
Tax Benefits
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
Sanchay Plus
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Life Long Income
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
POSGoal Suraksh
Avail Loan
Option to take policy loan once policy acquires surrender value
Payment Mode
Option to alter premium payment mode
iProtect Smart
Avail Loan
Option to take policy loan once policyacquires surrender value
Tax Benefits
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
Sanchay Plus
Tax Benefits
Stand eligible for tax deduction under Section 80C for the Income Tax Act, 1961.
Life Long Income
Avail Survival Benefit as Monthly Income on attaining age 60to ensure a work -free retired life.
POSGoal Suraksh
Avail Loan
Option to take policy loan once policy acquires surrender value
Payment Mode
Option to alter premium payment mode
iProtect Smart
Avail Loan
Option to take policy loan once policyacquires surrender value
Tax Benefits
Stand eligible for tax deduction underSection 80C for the Income Tax Act, 1961.
Sahi Advice,
Sahi Insurance
Confused about which is the most appropriate plan that suits your needs as per your life stage? Don’t worry! Our IRDAI certified advisors will guide you at every step.
Advice that comes with Experience.
Paybima is the digital arm of Mahindra Insurance Brokers Ltd
20+ years
Experience
700+
Strong Team
Certified
Advisors
Life Insurance - Everything You Need to Know
The Basics of Life Insurance
What are the Main Aspects of Life Insurance
How does Life Insurance Work for You
Fundamentals of Buying a Life Insurance
How to Select the Best Life Insurance
Life Insurance Policy with Investments and Guaranteed Return
All About Life Insurance Claims
The Steps for Buying a Life Insurance
How to Buy Life Insurance at Mahindra Paybima
What are the Main Aspects of Life Insurance?
It’s simple. You as the insured pay premiums for a set time to get coverage. If you pass away during this time, your family (nominee/s) gets a lump sum as death benefit which is the coverage amount.
Coverage
The amount paid by the insurer to your nominee after your death, which should match your family's expenses.
Policy term
It’s the time period of coverage for the chosen policy for which your family relies on your income. It can vary from 5 years to over 60 years.
Premium period
It’s the time you pay premiums for coverage.
Cover payout options
It’s how the nominee receives the money - a lump sum (one-time)or in instalments based on their needs.
How Life Insurance Works for You
Choose a Plan: Pick the best life insurance plan for higher coverage to protect your family, their future and their dreams.
Premiums: Pay monthly or annual premiums for the policy.
Claim Process: In case of death, your nominee informs the insurer and files a claim. After the submitted documents like the death certificate and ID proof are verified, the insurer pays the life cover amount to the nominee.
Benefits of the Best Life Insurance Plan
Choosing the right life insurance policy has several advantages that will benefit your loved ones and secure their future.
Financial security
Long-term stability for your family in unforeseen events.
Death benefit
The nominee receives the sum assured and bonuses in case of the policyholder’s death.
Maturity benefit
Certain plans return the full premium at maturity.
Guaranteed returns
Get a fixed amount after a specified term, enabling you to pay out loans, higher education fees and manage other expenses.
Wealth creation
Based on your risk appetite, the premium amount enables you to invest in different funds for long-term growth.
Tax benefits
Helps you save taxes on the premium paid up to ₹1.5 lakhs under Section 80C of the IT Act 1961.
Riders
Depending on your requirements, your base plan can be customised with critical illness, waiver of premium, etc.
Flexible payments
You have the option of paying as a lump sum amount or periodic payments - monthly, quarterly, half-yearly, or annually.
Retirement planning
Some annuity-based plans offer monthly pension on maturity.
Loan facility
You have the option of borrowing a certain percentage against the plan’s value or sum assured.
Simple Steps and Assistance for Buying a Life Insurance Plan
At Paybima, buying a Life insurance plan is easy and you can opt for an advisor’s help anytime.
Easy-to-follow Steps
Plans for Free
Advisors Anytime
No Force Selling
Key Features and Benefits of a Term Insurance Plan
High coverage at a low cost
Term plans offer a high sum insured for low premiums.
Safety for loans and liabilities
The sum insured helps pay off debts in case of the policyholder’s demise.
Add-on protection
Riders like critical illness, disability, and accidental death offer extra coverage.
Claims payout option
The policyholder can choose between lump sum or periodic payouts for the family.
Tax benefit
Premiums and rider premiums are tax-deductible under Section 80C. The sum assured is also tax-free.
Premium Waivers
Some plans waive premiums if the insured is permanently disabled after an accident.
Critical illness cover
There is a lump sum payout for diagnosed critical illnesses.
Premium paying mode
There is an option to choose the payment frequency - annually, half yearly, quarterly, or monthly.
Life Insurance - Exclusions
What is not covered in life insurance?
Suicide
If the policyholder’s death occurs by suicide within a certain period of policy issuance (usually two years).
Death due to drug or alcohol abuse
If the policyholder dies due to any kind of substance abuse.
War
If the insured dies due to war or any war-related activity.
Life-threatening activity
Death caused by any high-risk activities like racing, paragliding, skydiving, or adrenaline-pumping adventure sports.
Criminal act
If the insured’s death occurs through any illegal/criminal activities.
Death from a pre-existing illness
A death that occurs due to a condition/illness that already existed before policy commencement.
How to Select the Best Life Insurance Plan?
Coverage
Calculate your expenses like house, education, loans, and add 4-6% inflation for the right coverage. Look for joint-life benefits (for spouse), coverage till 99 years, and Return of Premium (ROP) benefits.
Policy term
Choose a term by subtracting your current age from the age you expect to stop earning.
Payment period
Align premium payments with your income and goals.
Insurance company
Choose a reputable insurer with a quick claim settlement process and positive reviews.
Riders
Opt for a plan with riders like disability, critical illness, or accidental death cover.
Early age
Start early for lower premiums, and add more coverage as your income grows.
Comprehensive plan
Select a plan that covers different medical needs and protects your income.
Claim settlement ratio
Choose an insurer with a high claim settlement ratio (over 95%).
Life Insurance Policy with Investments & Guaranteed Return
The best life insurance in India offers a guaranteed high return with a life cover, also known as an endowment plan. It’s a great investment for those looking for a fixed lump sum amount as maturity after the policy’s duration. It offers life cover benefits in case of death and higher returns than other fixed investment plans. As a result, it’s a must-have plan in your investment portfolio.
Choose the Right Life Insurance
for Future
Guaranteed Return
How to Claim a Life Insurance Policy?
Step 1
Claim Reporting
You can notify the insurer online or physically at their branch or central office with the required documents or even submit it through Mahindra Paybima website.
Step 2
Claim Processing
After submitting all the documents, the insurer will assess and inform in case any further documents are required, after which your claim will be processed.
Step 3
Claim Settlement
Post document verification, the insurer may conduct an investigation, if required. After approval, the settlement amount is paid to the nominee's bank account.
Documents for Claiming Life Insurance
In addition, the below documents are required for accidental/suicidal death:
Life Insurance – How to Avoid Rejection
Despite buying the best policy with seamless processes, there is a possibility of claim rejection. Make a note of these points before filing a claim.
Disclosure
Accurate information avoids rejection due to undisclosed pre-existing conditions or hobbies.
Lapsed Policy
Pay on time to prevent policy lapses and claim rejections.
Nominee Details
Keep nominee details updated with correct documents for smooth claim processing.
Medical Tests
Complete required tests especially for high-risk coverage.
Suicide Clause
Understand and comply with the suicide clause period (usually two years).
Exclusions
Before buying the policy, ensure you are aware and avoid activities excluded from coverage.
Guaranteed Claim Support
We will guide you from start till end in your ‘claim’ journey. Start your claim process with us to get our support.
How to Buy a Life Insurance Policy at Mahindra Paybima
Buying a life insurance policy online is very simple. You can follow these steps to buy a life insurance policy online at Mahindra Paybima.
Share personal details
Input basic details along with gender, age, coverage amount, annual income, occupation, etc., to begin the policy procedure.
Browse plans
Check the various plans offered by different insurance companies and shortlist the plans.
Compare shortlisted plans
Once you’ve shortlisted 2-3 policies that suit your requirements, compare them online.
Add riders
Select the appropriate riders or add-ons to the policy for additional cover.
Complete proposal form
Enter proposer details for cKYC, medical information and nominee details.
Make payment
Pay for the policy online using credit/debit cards, UPI, wallets, or net banking.
Upload documents
Provide documents for ID proofs, address proof and salary proof.
Medical examination
The insurance company conducts a medical examination before issuing the policy.
Get the policy
The proposal is submitted to the insurance company for approval. Once approved, the customer will receive the policy by email.
Documents for Buying a Life Insurance Policy
To buy a term insurance policy, you will typically need to provide the following documents:
Benefits of Comparing Life Insurances Online
Here are key advantages of comparing life insurance policies online:
Best coverage
Easily compare and choose a plan that suits your needs with the best coverage options.
Best rate
Find a policy that gives you the most value for your money.
Understand the features
Learn about the different features available in policies and gain a better understanding of the insurance market.
Compare Top plan From Top Life Insurance Companies
Aditya Birla
DigiShield
PNB MetLife Mera Term
Plan Plus
ICICI Pru iPortect
Smart
Aegon Life iTerm
Comfort
Features
Multiple Plan Options |
<
|
<
|
<
|
<
|
---|---|---|---|---|
Coverage Till Age 100 |
<
|
<
|
<
|
<
|
Flexible Death Benefit Payouts |
<
|
<
|
<
|
<
|
Monthly Income Option |
<
|
<
|
<
|
<
|
Survival Benefit After 60 |
<
|
<
|
<
|
<
|
Critical Illness Rider |
<
|
<
|
<
|
<
|
Terminal Illness Rider |
<
|
<
|
<
|
<
|
Maturity Benefit (Option 10) |
<
|
<
|
<
|
<
|
Tax Benefits Under Section 80C |
<
|
<
|
<
|
<
|
Enhanced Life Stage Protection |
<
|
<
|
<
|
<
|
Compare Top plan From Top Life Insurance Companies
Aditya Birla DigiShield |
PNB MetLife Mera Term Plan Plus |
ICICI Pru iPortect Smart |
Aegon Life iTerm Comfort |
|
Features |
||||
Multiple Plan Options |
|
|
|
|
---|---|---|---|---|
Coverage Till Age 100 |
|
|
|
|
Flexible Death Benefit Payouts |
|
|
|
|
Monthly Income Option |
|
|
|
|
Survival Benefit After 60 |
|
|
|
|
Critical Illness Rider |
|
|
|
|
Terminal Illness Rider |
|
|
|
|
Maturity Benefit (Option 10) |
|
|
|
|
Tax Benefits Under Section 80C |
|
|
|
|
Enhanced Life Stage Protection |
|
|
|
|
Ask Anything as We Have Answers to Everything in Life Insurance
A term policy is a financial support instrument for your family when they don't have the insured around. It should be long enough, till the age the family has financial dependence on the insured Ideally, it should be in sync with their liabilities, loans, and retirement plans.
If you want to leave a legacy for your loved ones, you can also opt for whole-life coverage of term insurance, where you will be covered up to 100 years as per the plan.
Claim rejection can be avoided by ensuring the below points:
- Make sure that the beneficiaries' list is updated and that they are aware of the active policies. Keep the PayBima Claim Assistance Card with them.
- Ensure that all the information is correctly provided at the time of policy issuance including existing medical conditions, income, age, other declarations, etc.
- Pay policy premium on time to avoid policy lapse
- Read and understand the terms and conditions of your insurance policy thoroughly before purchasing it. Be aware of any exclusions or limitations that may apply to your coverage.
Maintain proper records of all policy-related documents, premium payments, correspondence with the insurance company, medical reports, and any other relevant paperwork. These records can help support your claim if required.
Inform the insurance company promptly about any changes in your personal information or circumstances that may affect your coverage, such as a change of address or change in nominee details
PayBima guarantees dedicated claim support in the insured's absence. We will assist the nominees with all their claim-related queries, claim filing, documentation, etc, for a stress-free claim experience.
Add-ons are optional but including them in the primary policy can be very useful during unexpected events. They provide enhanced life cover at affordable premiums while offering additional benefits within a single policy, like waiver of premium, critical illness benefit, accidental death benefit, additional payout on disability, etc.