Unit Linked Insurance Plans

Unit Linked Insurance Plans (ULIPs) combine the benefits of life insurance with market-linked investments, making them a popular choice for long-term wealth creation. A portion of the premium goes towards life cover, while the rest is invested in equity, debt, or balanced funds based on your risk appetite. ULIP plans offer flexibility to switch between funds, enabling investors to adapt to changing market conditions. Additionally, they provide tax benefits under prevailing laws, making them an effective investment plan for disciplined financial growth.

Choose plans from a bouquet of products - 140+ policies, 40+ insurers

Highlights of Unit Linked Investment Plan

Guaranteed tax savings

Transparent investments

Multiple options to choose from

Liquidity for unprecedented events

High or guaranteed returns

Lower surrender charges

Fulfilment of financial goals

Life cover

Most Popular ULIP

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

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Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Bajaj Allianz Life eTouch

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

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Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Personal Medical Case Management

Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

4.5

Smart Secure Plus

Personal Medical Case Management

Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

4.5

Sampoorna Raksha Supreme

Personal Medical Case Management

Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Bajaj Allianz Life eTouch

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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iProtect Smart

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

Express 4 hour claim settlement

Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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Get complimentary 24x7 health consultation from specialists in just 180 seconds with our free online consultation service

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Experience the efficiency and convenience of 4 hour claim settlement, ensuring swift resolution

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ULIP - Everything you Need to Know

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The Basics of ULIP

ULIP vs. Mutual Funds vs. Traditional Plans

Fundamentals of Buying ULIP

How to Select the Best ULIP

Charges in ULIP

Switching of Funds in ULIP

The Steps to Buy a ULIP

Documents for Buying ULIP

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What is a Unit Linked Insurance Plan?

A Unit Linked policy combines the benefits of insurance and investment, offering market-linked returns without guarantees. It splits your money, with some savings for life insurance and the rest for long-term investments like stocks, mutual funds, or bonds. ULIPs are favoured for their flexibility in fund allocation based on your goals, risk tolerance, and timelines. They also offer tax benefits under the Income Tax Act, 1961.

Types of ULIP

Equity-Oriented ULIPs

These ULIPs invest a large portion of premiums in equity markets, giving exposure to stocks for higher potential returns. Best suited for investors with high risk appetite seeking long-term wealth creation.

Debt-Oriented ULIPs

Here, funds are allocated mostly to debt instruments like government bonds, corporate bonds or fixed income securities. These provide more stable returns and capital protection, ideal for conservative investors or near retirement.

Balanced / Hybrid ULIPs

Balanced ULIPs mix equity and debt exposure (e.g. 60:40 split) to balance growth potential and risk. Good choice for moderate risk takers and for achieving objectives like retirement planning or funding children’s education.

Guaranteed vs Non-Guaranteed ULIPs

Guaranteed ULIPs provide minimum assured returns (even if market underperforms), but limit equity exposure. Non-guaranteed ULIPs are riskier, with greater equity linkage and higher potential returns over long term.

How Does ULIP Work

When you invest in a ULIP plan, each premium you pay is split into two parts - one secures life insurance cover, while the other is invested in market-linked funds. Depending on your risk appetite, you can choose between equity-oriented ULIPs for higher growth, debt-oriented ULIPs for stability, or balanced ULIPs for a mix of both. Some plans also come with guaranteed returns, while goal-oriented ULIPs like child or retirement plans are tailored to specific milestones.

Insurers deduct standard charges such as mortality and fund management before investing, and over time your fund value grows based on the chosen allocation. ULIPs also allow you to switch between equity and debt funds, giving flexibility to respond to market movements. At maturity, you receive the accumulated fund value (or guaranteed benefit, if applicable), while in case of an untimely death, the nominee is paid the assured benefit as per the policy type.

Let’s see how a ULIP works in a real-life scenario

Mr. Sharma buys a ULIP

Mr. Verma

For a 20-year period Pays an annual premium of ₹50,000 The sum assured is 10 times the premium i.e. ₹5,00,000

The plan has three different types of funds. He chooses to invest the premium in two funds equally. In such a case, ₹25,000 would be invested in each of the two funds chosen by Mr. Sharma.

Case 1 – Death during the 7th policy year

The fund value has accumulated to ₹4.25 lakhs. In such a case, since the fund value is lower than the sum assured of ₹5 lakhs, the higher amount which is ₹5 lakhs would be paid as the death benefit.

Case 2 – Maturity of the policy

If Mr. Sharma survives till the end of the policy tenure of 20 years, the fund value will be paid as the maturity benefit which would be ₹16 lakhs.

Who Should Buy ULIP?

ULIPs are versatile for all types of investors, whether you are starting out or experienced. They are beneficial if you want market-linked returns alongside life insurance. Parents can opt for child ULIPs to secure their child's future, while pension ULIPs are excellent for tax-efficient retirement planning.

Choose the right ULIP based on your investment goals, time horizon, and risk tolerance. Remember, ULIPs don't guarantee returns.

Sanjeev wants to save for his child’s education.

Sanjeev

34-year-old Married Has an 8-year-old child Annual income - ₹10 lakhs

Sanjeev can opt for low-risk plans as he has more time on his hands and less need for financial support at the moment.

Savita wants to save for her comfortable retirement.

Savita

50-year-old Unmarried Annual income - ₹25 lakhs

Savita has less time and enough funds on her hands to build a substantial retirement fund. She needs to opt for high-risk, high-performance funds.

Rohan wants to save to buy a house in the next 15 years

Rohan

25-year-old Unmarried Has a high risk-appetite Annual income - ₹6.5 lakhs

Since Rohan is young, has fewer responsibilities and has a long time to fulfil his goals, he can opt for medium-risk investments or high-risk and high returns and stay invested for the long term.

Preeti wants to save for her children’s future

Preeti

40-year-old Married Has one kid, 15 years of age, whose education fund is taken care of. Annual income - ₹18 lakhs

Since Preeti is already 40 and has a reasonable income, she could invest in high-risk, high-performance funds so that in the next 10-12 years, she can build a sufficient corpus for her child’s marriage.

Features of ULIP

Dual Benefit

ULIP plans combine life insurance protection with market-linked investments in a single product.

Fund Options

You can choose from equity, debt, or balanced funds depending on your risk profile and goals

Flexibility to Switch

ULIPs allow fund switching between equity and debt, helping you adapt to market conditions.

Goal-Oriented Investing

Whether it’s wealth creation, child plans, or retirement planning, ULIPs can be tailored to specific financial milestones.

Tax Benefits

Premiums qualify for deductions under Section 80C, and maturity/death proceeds are tax-free under Section 10(10D), subject to conditions.

Lock-in Period

ULIPs have a mandatory 5-year lock-in, encouraging disciplined long-term investing.

Partial Withdrawals

After the lock-in, you can make partial withdrawals to meet urgent financial needs.

Death and Maturity Benefits

Nominees receive the sum assured or fund value on death, while policyholders get the accumulated fund value at maturity.

Benefits of ULIP

ULIP products offer a host of benefits to policyholders, some of which are mentioned below:

Dual benefits

Combine insurance coverage with investment growth in ULIPs, where a portion of your premium goes towards a life cover and the rest is invested in market-linked funds.

Participation in the market

Earn attractive returns by participating in the capital market through ULIPs.

Expert portfolio management

ULIP funds are professionally managed, to reduce risks and maximize returns by investing in quality instruments.

Diversification

Enjoy the profitability of various investment instruments with ULIP’s diversified mix of securities.

Flexibility

Manage your investments flexibly with features like partial withdrawals, switching, premium redirection, readymade investment strategies, etc.

Tax benefits

ULIPs also offer tax-saving benefits on premiums and benefits received.

Invest As Per Your Capacity and Get Tax Free Returns on Maturity

Invest 15,000/month

in 10 Yrs Get

₹80 L*

View Plans

Invest 10,000/month

in 10 Yrs Get

₹50 L*

View Plans

Invest 8,000/month

in 10 Yrs Get

₹40 L*

View Plans

5,000/month

in 10 Yrs Get

₹25 L*

View Plans

**Past 10 Year annualised returns as on 01-03-2023
*Disclaimer on the investment strategy
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Riders in ULIP

Accidental Death Benefit Rider

Offers an extra payout to the nominee if the insured passes away due to an accident.

Accidental Disability Rider

Provides financial support in case of permanent or partial disability caused by an accident.

Critical Illness Rider

Pays a lump sum on diagnosis of specified illnesses like cancer, heart attack, or kidney failure, helping manage medical expenses.

Waiver of Premium Rider

Ensures that future premiums are waived off if the policyholder suffers disability or critical illness, while the ULIP plan continues.

Tax Benefits of ULIP

Beyond financial protection, term insurance also provides significant tax advantages under the Income Tax Act, 1961.

Premium Deductions – Section 80C

Premiums paid towards term insurance can be claimed as a deduction under Section 80C, subject to the annual cap of ₹1.5 lakh. The premium amount should not exceed 10% of the policy’s sum assured for plans issued after April 1, 2012 (20% for older policies).

Tax-Free Death Benefits – Section 10(10D)

Any death benefit received by the nominee is exempt from tax under Section 10(10D). This exemption holds if the policy complies with the same premium-to-sum-assured ratio rules mentioned above.

Myths About ULIP

This dual-benefit insurance and investment instrument is surrounded by certain myths due to misinformation. Let’s debunk these myths for more clarity on ULIPs.

Myth

ULIPs are risky.

Fact

ULIPs are a combination of insurance and investment that offer a mix of debt and equity options, allowing investors to choose based on their risk tolerance.

Myth

ULIPs are expensive due to high charges.

Fact

While there are certain fees, like administration, fund management, and premium allocation, overall costs are lower than traditional policies which decrease over time.

Myth

ULIPs require mandatory continuation.

Fact

After the 5-year lock-in period, investors can discontinue ULIPs without surrender charges, but staying invested is advisable to build a corpus.

Myth

Volatile markets reduce life cover in ULIPs.

Fact

Life cover remains constant regardless of market changes, ensuring full protection for the nominee in case the insured passes away during the policy term.

ULIP vs. Mutual Funds vs. Traditional Plans

Depending on your risk tolerance, investment goals, and financial health, you can choose between ULIPs, mutual funds and traditional plans for your investments. Here is a brief comparison of these investment options:

ULIP vs. Mutual Fund

Aspect	ULIP	Mutual Fund
Investment	Provides investment and insurance	Only focuses on investment
Risk Management	Offers in-built risk management options like fund allocation and mortality charges	Investors need to manage risks by themselves or hire an advisor
Costs	Includes administration and other charges that may be refunded	Lower expenses, including management fees and transaction costs
Flexibility	The lock-in period makes it less flexible	High flexibility since investors can buy/sell anytime
Taxation	Maturity and partial withdrawals are tax-free on specific conditions	Capital gains and dividends are taxable
Transparency	Lower transparency in case of fund allocation	Higher transparency in fund allocation
Insurance Benefits	Provides life insurance coverage	No insurance benefits
Returns	Varies based on market performance and other factors	Varies based on market performance and other factors

ULIP vs. Traditional Plans

Aspect	ULIP	Traditional Plan
Investment and Insurance	Provides investment and insurance in a single product	Separate products for insurance and investment
Investment Options	Choose from equity funds, debt funds, or balanced funds	Limited to guaranteed or fixed return options
Flexibility and Control	Investors can switch between investment options or opt for partial withdrawals	Limited flexibility and control on your investments
Fees and Charges	Includes premium allocation charges, fund management charges, etc.	Usually has lower charges - policy administration, premium payment, etc.
Risk and Returns	High potential returns with higher risks due to investments	Lower potential returns with lower risk
Tax Benefits	Both insurance and investment components enjoy tax benefits	Tax benefits are only for the insurance component
Scalability	Ideal for investors with a long-term investment horizon with risk-taking abilities	Ideal for those who want a safe and stable investment with assured returns

How to Select the Best ULIP

Analyse personal investment goals

Consider your short-term and long-term goals, to choose funds that match your needs and allow flexibility.

Evaluate risk profile and financial stability

Assess your risk tolerance and financial stability to determine the right asset allocation.

Solvency ratio

Ensure the insurer maintains a solvency ratio of at least 150% for financial security.

Check features and benefits

Understand features like fund switch, premium redirection, partial withdrawals, top-ups, etc. for optimal benefits.

Look for flexibility

Look for ULIPs that offer flexibility in fund choices (debt, equity or both to align with your goals and objectives.

Choose your investment strategy

Choose a portfolio strategy that suits your investment style - wheel of life, auto-transfer, trigger-based, fortune gain, etc.

ULIP Calculator

ULIP return calculator is a tool that helps you calculate your potential returns on investment in a ULIP policy. It takes into account various factors such as premium amount, investment horizon, expected rate of return, and charges to provide an estimate of the maturity value of the policy. Using a ULIP calculator can help you make informed investment decisions and choose the right ULIP policy that suits your financial goals.

Goal-based maturity amount

It’s the amount the insurance company will pay to the Insured s – it can be increased or decreased as per the policyholder’s requirements and financial goals. Based on the maturity amount as per the calculator, one can adjust the premium.

Invest amount

It determines the amount you need to invest monthly to achieve the desired returns.

Policy tenure

It involves the period for which your policy will be active - it can be 5 years to 35 years or more, based on when you need the money to fulfil your financial goals.

Premium period

This is the time frame for which you need to pay the premiums or invest the monthly amount to get the desired returns.

Return

The expected returns are calculated along with a rate of interest and average market conditions.

Charges in ULIP

When you purchase a unit-linked insurance plan, the insurer charges fees for its services. The IRDAI sets limits on these charges that insurers can impose. It's recommended to hold onto ULIPs for a long term, not just for better returns but also to potentially get back premium allocation charges. Seeking expert advice can help you choose ULIPs with lower fees or ones that refund charges.

Premium allocation charge

Covers initial expenses like underwriting and commissions, medicals etc.

Mortality charge

Covers insurance, and is lower for younger investors.

Fund management charges

Capped at 1.35% of the total fund value annually by IRDAI.

Policy administration charges

Fixed or a percentage of the total fund value.

Fund switching charges

Some offer free switches, while others may charge a nominal amount beyond the free switches.

Partial withdrawal charges

Applied to partial fund withdrawals.

Premium redirection charges

Incurred when redirecting new premiums to a new fund.

Premium discontinuation charges

Also known as surrender charges, applied as penalty for early plan surrender.

Switching of Funds in ULIP

One of the most important features of a ULIP plan is the ability to switch investments between equity, debt, and balanced funds. This mechanism allows policyholders to realign their portfolio in response to changing market conditions or evolving financial objectives.

How It Works

When you initiate a fund switch, units from your existing fund are redeemed at the prevailing Net Asset Value (NAV), and new units are allocated in the chosen fund at its current NAV. The total fund value remains unchanged, though the risk-return profile of your investment shifts.

Switching Limits

Most insurers allow a fixed number of free switches in a policy year (commonly 4–6). Additional switches may attract nominal charges.

Tax Treatment

Since switching happens within the ULIP structure, it does not trigger any capital gains tax liability at the time of transfer - unlike standalone mutual fund transactions.

Goal Alignment

Investors often use fund switching to gradually move from equity to debt as they approach milestones like retirement or maturity of child plans, thereby locking in accumulated gains.

How to Buy ULIP

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 benefits.

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.

Get the policy

The proposal is submitted to the insurance company for approval. Once approved, the customer will receive the policy copy by email.

Simple Steps and Assistance for Buying an ULIP Plan

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How to Buy ULIP

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 benefits.

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.

Get the policy

The proposal is submitted to the insurance company for approval. Once approved, the customer will receive the policy copy by email.

Simple Steps and Assistance for Buying an ULIP Plan

At Mahindra Paybima, buying an insurance plan is easy and you can opt for an advisor’s help anytime!

Simple and
Easy-to-follow Steps

Comparison of Top
Plans for Free

Help from Certified
Advisors Anytime

Honest Advise.
No Force Selling

Check Premium

Documents for Buying ULIP

Address proof: Driving license/bank statement or passbook with latest entries/passport/voter ID/ Aadhaar card/ration card

Identity proof: Aadhaar card/voter ID/passport/PAN card

Age proof: PAN card/ Aadhaar card/passport/voter ID/marriage certificate/ration card/birth certificate/driving license

Photo: Passport-size photographs of the individual

Income proof:

For high sum assured cases, income proof is also needed.
Salary slips of last 3 months/ Income Tax Returns/ employer certificate/ latest bank statement/ latest form 16

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Ask Anything as We Have Answers to Everything in Insurance

Yes, you can buy a ULIP life insurance plan in the name of your minor child. ULIPs allow children aged 30-90 days and above to be covered under the plan. So, check the minimum entry age and if your child fulfils the minimum entry age criterion, you can insure him/her under the plan.

Usually, ULIPs are offered for a minimum period of 5-10 years and a maximum tenure up to 40 years. However, there are ULIPs which also allow lifelong coverage and continue till you reach 99 or 100 years of age.

ULIPs have a minimum lock-in period of 5 years before which you are not allowed to surrender. If you discontinue the premium after 3 years, the fund value would be transferred to a discontinued policy fund. Discontinuation charges would be deducted from the fund for the next 2 years. Once the lock-in period is over, you would be allowed to withdraw your fund value from the discontinued fund.

Enhancement of the sum assured depends on the plan’s terms and conditions. Some ULIPs allow enhancement of the sum assured during the policy tenure while others don’t. So, read your policy document to understand if an enhancement is allowed or not.

You can claim a deduction for the premium paid up to a maximum limit of Rs.1.5 lakhs under Section 80C. However, if your premium is more than 10% of the sum assured, premium up to 10% of the sum assured would be allowed as a deduction.

Yes, there is a minimum and maximum limit on the amount of partial withdrawals that you do. This limit depends on the policy. However, almost all ULIPs ensure that after the withdrawal, your fund value should be equal to at least one annualised premium.

Yes, you can buy as many ULIPs as you want. There is no restriction on the number of ULIPs that you can buy.

Yes, an additional premium is required for the rider. However, under ULIPs, you don’t have to pay the premium. The cost of the rider is deducted from the fund value as the rider coverage charge.

Some plans allow you the flexibility to avail of the death benefit in installments rather than in one lump sum. However, this benefit is plan specific and you should check your policy to find out if you can avail of the death benefit in installments or not.

No, on maturity, the fund value is paid even if it is lower than the sum assured.

Yes, some ULIPs allow coverage on a joint basis. So, check for plans which allow such coverage because not all ULIPs have this feature.

ULIPs allow different types of premium payment modes. You can pay a single premium, limited premium, or regular premium for the policy if the policy allows.

Under pension ULIPs, you are allowed to withdraw up to 60% of the accumulated fund value in lump sum. The remaining fund value should, then, be used to either buy a single premium deferred annuity plan or an immediate annuity plan.

No, the returns under ULIPs are not guaranteed. They depend on the market movement.

No, you cannot lower the charges associated with ULIPs. The charge structure is designed by the company and is applicable for all policyholders. However, if you look for plans that refund some of the charges on maturity, you can lower the effective charges deducted from your fund value.

Nomination is not mandatory. However, it is advisable to nominate an individual to receive the death benefit otherwise, if the insured dies, his/her legal heirs would have to make a claim by proving their legal status as the deceased’s heirs.

Yes, a loading is applicable if you pay monthly premiums, if you have an adverse medical history, if you smoke, etc. However, no additional premium is payable for the loading. The loading is adjusted as an increase in the ULIP charges.

If you are aged above 45 years, or if you opt for a high sum assured or if you have an adverse medical condition then you would have to undergo a health check-up before buying the policy.

Usually, ULIPs allow individuals aged up to 65 years to buy the plan. In some plans, however, the maximum entry age can be up to 70 years too.

Most ULPIs allow a sum assured of 1.25 times the top-up premiums if you are aged up to 45 years. For higher ages, the sum assured is calculated as 1.10 times the top-up premium.

Term insurance is a pure form of life insurance that offers financial protection to the policyholder's family in case of his or her untimely demise during the policy term.

A term plan provides high coverage at affordable premiums, ensuring your loved ones are financially secure even in your absence.

Unlike investment-oriented policies, term insurance focuses only on protection, making it the most cost-effective way to get maximum coverage.

Experts recommend coverage of at least 10–15 times your annual income. For instance, a ₹1 Crore Term Insurance Plan is suitable for many middle-income families.

Yes, NRIs can buy term insurance India policies from Indian insurers, ensuring protection for families residing in India.

In a regular term life insurance plan, there is no payout on survival. However, with a Return of Premium option, all premiums paid are refunded.

Riders are add-ons like accidental death, critical illness, or disability cover that enhance the protection of your base policy.

No, the death benefit paid to your nominee is completely tax-free under Section 10(10D) of the Income Tax Act.

Many insurers offer flexible options to increase cover at life milestones such as marriage, childbirth, or buying a home.

Saral Jeevan Bima is a simple, affordable, and standardized term insurance plan defined by IRDAI, offering uniform features across all insurers.

Life insurance is a contract between you and an insurer that provides financial protection to your family in case of your death.

Term life insurance offers pure protection for a fixed period. If the policyholder passes away during the term, the nominee receives the sum assured.

Experts recommend coverage worth 10–15 times your annual income. Many families consider starting with a 1 Crore Term Insurance Plan for adequate protection.

No, it’s not mandatory in India, but it is highly recommended for anyone with dependents or financial responsibilities.

Medical tests may be required depending on your age, health condition, and the sum assured you are applying for.

Premiums paid are eligible for deductions under Section 80C (up to ₹1.5 lakh), and maturity proceeds may be exempt under Section 10(10D).

Insurers provide a grace period (usually 15–30 days). If payment isn’t made within this time, the policy may lapse.

Yes, you can update or change your nominee anytime during the policy term by submitting a request to the insurer.

It shows the percentage of claims that an insurer settles. A higher ratio indicates greater reliability in honoring claims.

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