Life Insurance · intermediate
Life Insurance
How life insurance works in India: the types of policy, sum assured and premium, underwriting, nomination, assignment and claims, income tax, unit-linked plans, riders, and IRDAI's rules for servicing a policy.
- 01Types of Life Insurance PoliciesWhat a life insurance contract promises, how the main types of policy differ, three rules that apply across policies — the free-look period, section 45 and the suicide clause — and how Human Life Value estimates the cover a person needs.
- 02Sum Assured & Premium CalculationWhat the sum assured is, what a life insurance premium pays for and which factors set it, how the premium paying term, payment mode and grace period work, and how GST applies today.
- 03Underwriting ProcessHow a life insurer assesses a proposal — medical, financial and moral-hazard checks — the decisions that can follow, the proposer's duty of utmost good faith, and what section 45 says when a fact was not disclosed.
- 04Nominations, Assignments & ClaimsHow nomination under section 39 and assignment under section 38 of the Insurance Act, 1938 decide who is paid under a life policy, and the time limits IRDAI now sets for settling death and maturity claims.
- 05Tax Benefits & Financial PlanningHow income tax treats life insurance under the Income-tax Act, 2025: the deduction for premiums, the exemption for policy proceeds and its premium tests, tax deducted at source on payouts, and which benefits exist only under the old tax regime.
- 06ULIP Detailed GuideHow a unit-linked insurance plan works — charges, funds, units and NAV — and IRDAI's rules on the five-year lock-in, partial withdrawals, discontinuance, revival and benefit illustrations.
- 07Riders & Add-onsWhat a rider is, what the common riders pay for, the limits IRDAI places on rider premiums and benefits, and the terms in a rider's wording — definitions, waiting period and survival period — that decide whether a claim is paid.
- 08IRDAI Regulations & Policy ServicingIRDAI's current rules for servicing a life policy: the free-look and grace periods, revival, surrender value, paid-up status and policy loans, the time limits for payments, and the route a complaint takes.