Consider life insurance as a promise to your loved ones—a way to take care of their future even after you're no longer there. It's a simple agreement where you pay a specified premium, and your insurer agrees to give your family a lump sum payment in case anything unforeseen occurs to you. A few policies also have a savings feature, so you get to accumulate wealth along with security.
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A life insurance policy is like a financial backup plan. You pay your insurance company a fixed premium regularly to keep the policy active. If something happens to you, your life insurer guarantees to pay a large sum of money to your family or whoever you choose as designated nominees.
Not Sure Which Life Insurance to Buy? Think of life insurance as planning for your family's future—it should address their needs and give you peace of mind. Life insurance policies come in two simple types: Pure Protection Plan and Savings Plan.
This plan acts as a financial shield for your family. In the event of life's unexpected twist, the death benefit can fund day-to-day living expenses, loans, or any financial obligation—so that your loved ones are not strained in your absence.
A savings plan offers you more than life coverage. It enables you to save for big events like your child's education, buying a house, or retirement. So, while you're planning for your family's future, you're also planning for financial security for yourself.
The ACKO Life Flexi Term Plan is a unique life insurance option that adapts to your evolving lifestyle. It is packed with useful features and promises to provide your loved ones with a financially stable future with the amount of money you choose for them.
By choosing a comprehensive term plan like the ACKO Life Flexi Term Plan, you are making a significant move toward safeguarding your family’s financial future. A well-thought-out term insurance plan ensures that your loved ones remain financially secure, even in unforeseen circumstances.
Here are 6 reasons to choose the ACKO Life Flexi Term Plan:
The coverage amount required to provide safety to financial dependents can change over time as dependents increase (e.g., kids), financial obligations such as loans are taken (e.g., home, personal, or education loans), or lifestyle changes occur as income levels change (e.g., promotion, etc.).
The premiums are fair and friendly to your wallet and offer extensive coverage to stay protected and save on income taxes simultaneously. That's a win-win!
Increase or decrease as your financial dependents, loans, lifestyle, and income change.
Have complete control over how the sum assured will be paid to your nominee (monthly or one-time full payment).
We will help you create a will to outline which assets go where clearly.
Being digital-first means you can easily buy or make claims on your term insurance policy with us.
This example demonstrates how ACKO Life Flexi Term Plan adapts to individuals' changing life circumstances.
Rahul, who earns 10 lakhs annually, married at 30 and purchased a ₹1 crore coverage (20-year term) ACKO Flexi Term Life Plan for his wife, Rina.
At 35, with two kids (Nirvana and Kabir) and a 50 lakh home loan, he increased the coverage to ₹3 Crore as his responsibilities increased.
By 45, after repaying the home loan and accumulating a substantial income corpus for his kids' education, he reduced coverage back to ₹2 crore.
ACKO Life Flexi Term Plan stands out in the market due to several key differentiators. Below is a comparison of the unique features of ACKO’s plan versus traditional market offerings
| Parameter | ACKO Life Flexi Term Plan | Traditional Plans |
| Claim Settlement Ratio | 99.38% | Varies from 98-99% |
| Policy Adjustments | Instant changes via app ⏱️ | Depends on the medium ( offline and online ) |
| Increasing Cover Option | Yes. No restrictions* | Restricted to life big events such as marriage, welcoming a child, etc. |
| Cost Savings | Up to 40% savings* | Costs grow over time 📉 |
| Future Premium Hikes | Age wise premiums remain the same 🚫💸 | Age wise Inflation adjusted premium |
| Customisability | Flexible coverage/term | Rigid, limited options 🧱 |
| Riders | Offers valuable riders to enhance protection | Riders may be provided depending on the plans |
| Length of Claim Form | Easy, digital, and short | Moderately long/Very long/Not available online |
| Option to Exit the Plan | Yes* | Approx. 80% of insurers provide |
| Digital Experience | Fully online, app-based 📱 | Often requires offline processes, paperwork, or branch visits |
| End-to-end Digital Support | Yes | Depends on the insurer |
| Home Pickup of Claims | Yes, ACKO team will personally collect the documents | Roughly 20% of insurers provide |
| Free Will Creation | Yes | No, Generally does not offer integrated will creation services |
| Maximum Maturity Age | 70 Years (The life expectancy in India was 67.24 in 2021) | 70 - 100 Years |
To buy life insurance, you must understand how these plans function. A thorough knowledge will help you in making informed decisions. So, let's explore different policies to determine which one works best for you.
| Term Plans | Pure financial protection. Comprehensive coverage at affordable premiums for specific years |
| Whole Life Insurance Plans | Financial protection for a lifetime till the age of 99 |
| Unit-linked Insurance Plans (ULIPs) | Life cover plus investment options with a lock-in period of 5 years |
| Endowment Insurance Plans | Life cover plus guaranteed returns at the end of the policy term |
| Pension Plans/ Retirement Plans | Life cover plus post-retirement incomes |
| Term Plan with Return of Premium (TROP) | Financial protection with a premium refund if the term is outlived |
| Child Insurance Plans | Life cover plus savings for child’s education and other future financial needs |
In simple terms, this plan is one of the most common, straightforward and affordable plans that provide financial protection.
The Term insurance plan works as follows:
Term insurance works on the concept of income replacement for your financial dependents in your absence, i.e., ensuring that the family's expenses related to loans (personal, home, education, etc.), kids' education, daily expenses, and lifestyle expenses (travel, car, etc.) are taken care of. Since the purpose of term insurance is income replacement, it is recommended that you opt for this plan until you reach retirement age.
Various term Insurance plans offer additional protection through riders like accidental death benefits, accidental total permanent disabilities, and critical illness. These riders add an extra layer of financial protection on top of the sum assured provided by the term plan. One such term plan in the market is the ACKO Life Flexi Term Plan—Unmatched Flexibility for Your Peace of Mind.
Term Insurance Plan Example: Ravi, a 35-year-old IT professional, buys a 30-year term insurance policy with a sum assured of ₹1 crore. He pays an annual premium of ₹10,000. If Ravi passes away during the policy term, his wife and children will receive ₹1 crore as a death benefit. However, if he survives the 30-year term, he does not receive any maturity benefit.
A Whole Life Insurance plan, also known as permanent life insurance, is a unique and long-term plan that provides life coverage until the policyholder turns 100.
Under this policy, the policyholder makes consistent premium payments throughout in exchange for lifetime coverage. Upon the policyholder's passing, the designated beneficiary receives the death benefit per the policy's terms. The primary purpose of this policy is to provide financial protection to the policyholder's family. However, if the policyholder lived beyond the maturity age, i.e. 100 years, the insurer pays the endowment coverage to the policyholder.
Whole Life Insurance Plan Example: Meera, a 40-year-old entrepreneur, purchases a whole life insurance policy that provides coverage until she turns 100. She pays regular premiums throughout her life. If she passes away at 85, her nominee (her daughter) receives the sum assured of ₹50 lakh. If she reaches 100, she receives an endowment payout.
ULIPs give more than one benefit. Besides providing life coverage, they also give an opportunity to invest in a way where the policyholder is allowed to place the money in some investment provided by the insurer, such as equity or debt or balance between both. They provide the policyholder with strong investment flexibility in terms of choosing where to invest, as there is an opportunity to set aside premium payments in different funds, such as bonds, hybrid funds, equity funds and the like, which depend on its investment goals and defined risk tolerance.
ULIPs are long-term investment plans with a lock-in period of 5 years. They are equipped with a function that divides a policyholder's premiums into two halves. Some of the premium goes to life coverage, and the rest is invested in the market.
The following are the life insurance benefits of ULIPs: flexibility, market-linked returns, dual benefits, fund-switching, partial withdrawals, death benefits, etc. However, it is crucial to gain an in-depth understanding of each factor associated with it to make informed decisions.
Unit-linked Insurance Plan (ULIP) Example: Priya, a 28-year-old marketing professional, buys a ULIP with an annual premium of ₹1 lakh. The insurer invests her premiums in a mix of equity and debt funds. Over 10 years, the market grows, and her investment accumulates to ₹15 lakh. If she passes away during this period, her nominee receives either the fund value or sum assured, whichever is higher.
Popularly known as the Guaranteed Return Plans, they are useful for those who need life coverage and fixed returns. If you outlive the policy term, your insurer pays a lump sum of money. An endowment plan is designed to provide life cover and help build savings habits over time. On the other hand, in case of death at any time before maturity by accident or natural causes, etc., your nominees will receive the death benefits.
Endowment Insurance Plan Example: Anil, a 32-year-old engineer, buys a 20-year endowment plan with a sum assured of ₹20 lakh. He pays ₹50,000 annually. If he survives the policy term, he receives ₹20 lakh plus any bonuses declared by the insurer. If he passes away before maturity, his family gets the sum assured of ₹20 lakh.
Pension plans are considered to be long-term investment plans that provide financial protection as well as post-retirement incomes. With a pension plan, the policyholder pays regular premiums, and after retirement, the insurer provides the insured with a consistent income. The designated beneficiaries will receive the death benefit in the event of the policyholder's demise, either before or after retirement.
Pension Plan/Retirement Plan Example: Suresh, a 45-year-old government employee, buys a retirement plan and pays ₹1 lakh annually for 15 years. After he retires at 60, the insurer starts giving him a regular pension of ₹50,000 per month. If he passes away, his spouse continues to receive the pension or gets a lump sum payout.
A Term Plan with Return of Premium, or TROP, is a type of life insurance that provides death benefits plus guarantees the return of all the premiums paid if the policyholder survives the term. In simple terms, TROP works like a regular term plan, but it has only one thing that sets it apart from all others—it returns all that was given upon maturity.
With TROP, the policyholder pays premiums on a schedule that suits them - monthly, quarterly, half-yearly, annually, or in a single payment schedule. It is often considered one of the ideal options for many who want a life cover as well as guaranteed returns.
Term Plan with Return of Premium (TROP) Example: Rajesh, a 30-year-old banker, buys a TROP policy for 25 years with a sum assured of ₹50 lakh. He pays ₹20,000 annually. If he passes away during the policy term, his family gets ₹50 lakh as a death benefit. If he survives, he gets back the total premiums paid, i.e., ₹20,000 × 25 = ₹5 lakh.
Parenting involves several responsibilities, including ensuring financial protection for children.
Child Insurance Plans are a smart financial solution. With this plan, the policyholder pays premiums, and financial protection for their children is guaranteed. It provides maturity benefits when the child reaches 18, either as annual instalments or a lump sum. In case the policyholder passes away, an immediate payout covers the child's expenses.
Child Insurance Plan Example: Sunita, a 35-year-old mother, buys a child insurance plan for her 5-year-old son with a maturity benefit of ₹25 lakh when he turns 18. She pays ₹30,000 annually for 13 years. If she passes away during the policy term, the insurer waives future premiums, and her son still receives ₹25 lakh at 18.
| Parameter | Term Insurance | Whole Life Insurance | ULIPs | Endowment Plans | Retirement Plans | Term Plan with Return of Premium (TROP) |
| Overview | Financial protection for a specific duration. | Financial protection for a lifetime (until the policyholder crosses 100 years) | Financial protection plus investment options | Financial protection plus guaranteed returns | Financial protection plus post-retirement incomes | Financial protection plus guaranteed returns of all the premiums paid |
| Policy Term (Duration) | 5 - 85 | Till the time you cross 100 years of age | 10 - 20 | 5 - 35 | Whole Life | 5 - 65 |
| Death Benefit(To policyholder) | Life Cover | Life Cover | Sum Assured | Sum Assured | Sum Assured (Depends on T&Cs) | Life Cover |
| Maturity Benefit (To nominee) | No. A Traditional Term plan does not offer | Yes, once completing 100 years of age | Yes, when the policy term ends | Yes, when the policy term ends | Yes, regular income till the policyholder is alive | Yes, survival benefits on maturity |
| A perfect option for | People who want a financial safety net for their loved ones | People who want lifelong coverage for their family | People who want life coverage plus investment opportunities to build wealth | People who want life cover insurance plus guaranteed returns | People who want financial protection plus post-retirement incomes | People who want life cover insurance plus maturity benefit |
If you have someone who relies on you financially, you must consider life insurance. You're single, married, a parent, or a business owner—regardless, life insurance will ensure your loved ones aren't left financially struggling if something happens to you.
Here's who stands to gain the most from life insurance:
If you have children, you must ensure they are financially secure even in your absence. Life insurance will pay for educational expenses, living expenses, and future achievements.
Let's look at a simple example: Rajesh, 38, is planning for his daughter Aanya's further studies. In case something unforeseen happens to him, his ₹1 crore death benefit claim allows Aanya to continue following her aspirations of studying overseas without worrying about the cost.
If your family or spouse relies on your income to pay bills, rent, or a mortgage, life insurance avoids financial struggle in the event of an untimely death.
Let's look at a simple example: Priya and Arjun have recently purchased a flat in Mumbai with a ₹75 lakh home loan. If Arjun passes away unexpectedly, his life insurance policy will ensure Priya won't need to worry about paying off the loan or losing their house.
Insuring early translates into lower premiums and lifelong protection. Also, some policies allow you to save and invest while being protected.
Let's look at a simple example: Rohan, aged 25, purchases a whole life insurance plan with ₹1 crore cover at just ₹800 per month. Ten years go by, and he marries and has a family. Not only does his policy provide him with financial protection, but he has also created savings that can be utilised in his child's future.
Your company is your legacy. Life insurance protects so that your loved ones, employees, and business associates are not saddled with unanticipated financial stress.
Let's look at a simple example: Sneha, age 42, runs a successful bakery in Bangalore. She buys a life insurance policy so that in case of her untimely death, her family will have the money to pay salaries, settle business loans, and maintain the bakery without any financial pressure.
If you wish to provide financial security for your loved ones or pay for end-of-life expenses, life insurance can assist with estate planning, medical bills, and inheritance protection.
Let's look at a simple example: Dinesh, 65, wishes to leave ₹50 lakh for his grandchildren and pay for any medical needs in his old age. His life insurance policy guarantees that his family will not suffer from the cost of end-of-life while setting their future free.
Here are some prominent benefits of having life insurance in India.
Life insurance offers financial security to the insured person's family in the event of the policyholder's death. This support can help cover outstanding debts, daily living expenses, children's education, and other financial obligations, protecting the family's financial well-being.
Life is a thrilling journey, and uncertainties are part of it. A life insurance policy gives policyholders peace of mind, knowing their family is financially protected even if they are not around to provide support. This sense of security allows individuals to focus on their daily lives and future goals without worrying about financial uncertainties.
Several life insurance policies, such as Endowment plans and TROP, provide maturity benefits. Such plans are ideal for individuals who want guaranteed returns of premiums paid
With life insurance policies, the insurer promises to pay the sum assured, known as the death benefit, to beneficiaries if the policyholder passes away during the policy term.
Policies offer policyholders tax deductions under Sections 80C, 80D, and 10(10D). Furthermore, the death benefits paid to nominees or loved ones are often not subject to taxes.
Business people can effectively invest in a proper life insurance policy that can help their businesses avoid losses when a particular employee or business associate dies.
Life insurance policies with a savings component can serve as an extra source of income during retirement.
For example, Endowment schemes offered in life insurance products can provide regular income upon retirement.
Certain types of life insurance policies, such as Endowment Plans and Whole Life Insurance, come with a savings component. These policies happen to accrue cash value over time and can be accessed. It also enables them to meet any desired financial requirements, for instance, when saving for a child’s college education or during the planning of one’s retirement.
Life insurance allows individuals to create an inheritance for their heirs and leave a financial legacy for the family's future.
Many life insurance policies allow policyholders to take out loans against the cash value of the policy. This loan can be used during emergencies or to meet financial requirements without surrendering the policy.
Life insurance operates on a simple concept, so let’s understand the basics of how life insurance works in a straightforward manner.
Choose the best plan that fits your needs after comparing options.
Determine how much coverage you need, decide on an affordable premium based on your income, and pay regularly.
Your family is financially secure with life coverage.
Easily claim death or maturity benefits according to your plan.
Life insurance operates on a simple concept, so let’s understand the basics of how life insurance works in a straightforward manner.
Here's how life insurance is an absolute necessity:
In India, the age limit for eligibility ranges from 18 to a maximum of 65. Purchasing life insurance is simpler while young and healthy, yet the question arises: “Why insurance? I'm young and in good health”. Well! Let’s look at 3 common scenarios.
If your monthly income is tight, you may wonder how you could afford life insurance. However, term insurance is relatively cheap and could be within your reach. Many term plans are available in the market, including the ACKO Life Flexi Term Plan, which starts at just ₹534 per month*.
Why insurance? I am healthy, I do not get sick, or if I get sick, I do not spend much money in the hospital, and so on. Staying fit and not having risky habits is advisable, but leaving out life insurance as you are young may prove costly.
The family's health history largely needs to be known because particular diseases may be hereditary. However, maintaining healthy practices is advisable, and acquiring a life insurance plan is smart. You can also add extra coverage by adding riders, like critical illness and accidental death. It only makes sense to plan for the future so as to keep away from situations that are beyond one’s control.
The person who buys the policy and pays premiums
The policy provider that accepts the risk and pays for losses during the policy term
Add-ons for extra protection, like Accidental Death or Critical Illness
The person covered under the policy
Amount the insurer pays during a claim
Total duration of financial protection and benefits
The person selected by the policyholder for the benefits
The regular amount agreed to paid (monthly, quarterly, half-yearly or annually) by the policyholder
Amount paid by the insurer when the policyholder outlives the policy term
Amount paid to the nominee if the policyholder passes away during the policy term
A window/time the insurer gives to the policyholder to review and cancel the policy without surrender charges
A window/time to pay premiums after the due date before the policy becomes inactive
Selecting a suitable life insurance policy can feel like a big task, yet it does not have to become overly complex. Here is the easy-to-read breakdown of factors to consider while selecting the perfect policy for yourself.
First things first: What are you trying to protect?
Income: If anything were to happen to you, how much money would your family need? Think about your salary and how long they might need help.
Debts: Do you have a mortgage, automobile loan, or other large payments? These are important to include.
Future Costs: You may have children who will require college funding, or you'd like to secure your partner for retirement. These are important, too.
Most policies include add-ons called "riders" that may help pay for additional situations. Typical ones are:
Accidental Death Benefit: If you pass away as a result of an accident, it provides additional coverage.
Critical Illness: Provides payment in case you are diagnosed with a severe disease (such as cancer).
Waiver of Premium: If you're disabled and cannot work, they'll waive premiums.
There are several different types of life insurance: Term Life Insurance, Whole Life Insurance, Endowment Plans, ULIPs, and more. Choose the one that fits your needs.
One general guideline is to purchase coverage equal to 10-15 times your annual income. However, it is also important to consider your individual circumstances and how much your family would need.
Determine how much you can comfortably pay our premiums. Remember that term life is generally less expensive than whole life, but you will need to decide depending on what works best for you and your needs.
You want to ensure that the insurance company you choose can pay out when you need it. So, look at its solvency ratio and CSR (Claim Settlement Ratio).
No one enjoys reading the print, but you'll want to know what's included and excluded. Be sure you know about things such as exclusions. (are there specific causes of death that are not included (e.g., suicide in the first two years)?
Things in life change, and your life insurance needs could also change. So, check on your coverage every few years to ensure that it continues to meet your situation.
Keep these tips in mind when navigating life insurance options in India.
Understand your financial goals.
Research before choosing.
Read and ask questions.
Match policy to your goals.
Be truthful about health and habits.
Avoid lapses.
Ensure smooth claims.
Choose relevant ones to enhance coverage and stay protected.
Update as life changes.
Be honest, but only state facts if you’re sure.
Find out the claim process, premium payment, etc.
Focus on coverage.
Prevent financial burden in case of unexpected events.
Consider implications.
Reflect life changes.
Prevent policy lapse.
Ignore messages or calls from unauthorised entities.
Get a personal policy, too.
No doubt! You’ve worked hard to build a comfortable life, paying off loans, saving for your child’s education, and securing your family’s future. But what if something unexpected happens? Would your loved ones be able to manage their expenses, EMIs, or long-term goals without your income? This is where life insurance steps in as a reliable financial backup.
In contrast to stock market investments that are volatile, life insurance guarantees financial assistance. Whether it is to pay for daily needs, settle debts, or finance your child's college education, a life insurance benefit ensures your family does not suffer in your absence. Certain plans also assist you in accumulating wealth over a period of time. For instance, a savings-type life insurance plan is a disciplined investment in the form of money—it makes your money grow while still insuring you. And with tax advantages, you can lower your taxable income and secure your future.
Women should consider investing in a life insurance plan to secure their financial future and protect their loved ones. Here are six universal reasons:
Think of life insurance riders as add-on features to your policy. They're customisations that enable you to include additional coverages for various conditions.
The following is a list of typical life insurance riders that can contribute more value to your policy:
If you pass away in an accident, this rider provides your loved ones additional funds on top of your standard benefit.
Will pay you a lump sum benefit if you fall seriously ill from a major ailment such as cancer, heart disease, or stroke.
If you get disabled and are unable to work, this rider will waive your premium payments.
Allows you to tap into a portion of your death benefit prematurely if you have a terminal illness. You can use this to pay for medical expenses or other requirements.
If you require long-term care (such as in a nursing home), this rider allows you to use some of your death benefits to cover those costs.
If you outlive your term life insurance policy, this rider returns the premiums you've paid.
Life insurance is not just about providing a financial safety net to your family in your absence; it is also an investment for the future. Several life insurance policies in India come with benefits to help policyholders maximise their returns. On the other hand, the premium you pay for your life insurance policy depends on several factors, including age, sum assured, policy term, health condition, and lifestyle habits. Accurately calculating the premium ensures sufficient coverage without overburdening your finances.
To get the best term insurance for your family, choose a plan that helps them reach their financial goals. A term insurance calculator can help you determine what you need and find the right policies, such as the best term insurance plan for 1 crore to protect your family.
Meet Shivam, a 30-year-old software engineer keen on securing his family's financial future with a life insurance plan.
Shivam assesses his family's financial requirements, which include clearing outstanding loans, supporting his children's education, and ensuring a comfortable lifestyle for his family. After thorough consideration, he arrives at a sum assured of ₹2 Crore.
Shivam uses an online premium calculator to estimate his premium amount. He inputs his age (30 years) and the sum assured (₹2 Crore) and selects a policy term of 30 years. As Shivam leads a healthy lifestyle without smoking or alcohol consumption, the calculator provides him with an estimated premium of ₹15,000 per year.
With the estimated premium in mind, Shivam begins comparing various term insurance plans offered by different insurers. He carefully reviews the features, additional riders, and customer reviews to shortlist the plans that align with his needs. After conducting thorough research, he narrows the choices to a few promising policies and purchases the most suitable one.
Use the ACKO insurance calculator to determine your premiums and life insurance quotes. https://www.acko.com/life/p/segment
Your life insurance must be sufficient to replace your income and provide for your family's needs for years to come. But how much is sufficient? A guideline is usually to have 10-15 times your income covered by insurance. So, if you earn ₹10 lakh per year, you might need at least ₹1 crore in life insurance coverage to ensure your family's financial security. https://www.acko.com/life/p/segment
What does your family require each month in rent, food, utilities, and everyday expenses? Multiply it by the number of years they'd require assistance.
Add in any mortgage, car loan, student loan, or credit card debt to protect your loved ones from repayment obligations.
Consider school charges, college education, or other financial aspirations such as weddings, home purchases, or career funding for your kids.
If your parents are elderly or you have health issues, include extra coverage to pay for medical expenses or long-term care.
Deduct your current savings, assets, or investments from the required coverage amount.
Having more than one life insurance policy is a good financial plan. Life evolves over time—younger people might just need a simple term plan, but as their responsibilities increase (marriage, children, loans), they might require more cover.
For instance:
A term insurance policy secures your family with financial assistance in the event of your untimely death.
A savings-based plan assists you in accumulating wealth and remaining insured.
Having more than one policy provides flexibility, improves coverage, and avoids delays in settling claims. However, it is essential to evaluate your financial capacity and avoid over-insuring.
Purchasing life insurance is an important financial decision, and now you have two options to buy a policy—online from an insurer's website or offline from an agent or bank. But which one is preferable? Let's analyse the benefits of both.
| Benefits of Purchasing Life Insurance Online | Benefits of Purchasing Life Insurance Offline |
| Less Premiums – Direct policies remove middlemen and agent commissions, making them cheaper. For instance, ACKO Life Flexi Term Plan begins at only ₹534 per month, which is frequently less expensive than offline plans. | One-on-One Assistance – If you don't have experience with insurance, an insurance agent or financial advisor can assist you in understanding policies, selecting the appropriate coverage, and completing paperwork. |
| Speedy & Simple Process – Compare policies, read reviews, and buy a policy in minutes—no paperwork, no agent visits, and no queuing. | Direct Contact – Some individuals need a direct conversation with an agent to clarify queries, ask questions, and receive policy explanations. |
| Greater Transparency & Control – You directly get access to policy information, benefits, and exclusions. This enables you to make an informed decision without sales influence. | Ideal for Complicated Policies – When buying a high-value policy, investment-linked plan, or rider, an advisor's guide can be of the utmost help in making the right decision. |
| Quicker Approval & Claims—Online applications require minimal paperwork, so approval is usually quicker. Some policies even provide instant coverage. | Support in Claim & Servicing – Agents assist your family in settling claims, allowing you to enjoy a hassle-free process in times of grief. |
| Convenient Policy Management – You can renew, monitor, and modify your policy anytime through the insurer's website or mobile app. | Suitable for Non-Tech-Savvy Persons – Offline purchases could be more appropriate if you are not confident purchasing a policy online or conducting digital transactions. |
| Secure & Safe Transactions – Online buying has secure payment gateways, which means your money and personal information are safe. |
| Go for Online Life Insurance If: | Go for Offline Life Insurance If: |
| ✔️ You desire an affordable policy with cheaper premiums. | ✔️ You like face-to-face guidance to know policies in detail. |
| ✔️ You prefer a quick, self-investigated process without an intermediary's intervention. | ✔️ You are buying a complicated scheme (like ULIPs, endowment plans, or high-sum insurance). |
| ✔️ You are at ease comparing policies online and paying digitally. | ✔️ You require assistance with paperwork and claim settlement. |
| ✔️ You require a basic term insurance plan with no investment aspect. | ✔️ You do not feel at ease making online payments. |
ACKO Life Insurance ensures a lump sum payout so your loved ones obtain instant financial stability. This includes the fact that in the event of an unfortunate incident, the entire sum assured will be made available to your family at one time.
Why is a Lump Sum Payout Advantageous?
Your dependents will not have to worry about everyday expenses such as groceries, rent, or utility bills.
Pending home loans, car loans, or credit card debt will not fall on your dependents.
Whether it is your child's education, marriage, or long-term investments, the payout ensures financial security.
Your loved ones can choose how to spend the money according to their short-term and long-term requirements.
In India, if you are considering purchasing a life insurance policy, here is a list of the key documents that generally require:
A government-approved ID - Aadhaar card, Passport, Voter ID, or PAN card.
The insurer may require your birth certificate to confirm your date of birth.
The insurer may use documents like a bank statement or your Aadhaar card to confirm your address.
To demonstrate that you can pay the premiums, the insurer may request salary slips (usually for the last 3 months), bank statements (for the previous 6 months), Form 16, etc.
Certain insurers may request medical history or a medical check-up report, particularly if:
A few passport-sized photographs, usually around 2-3.
The details of the person who will receive the sum assured, such as name, age, contact details, etc.
Some insurers may ask for your profession, especially if you’re in a high-risk occupation, such as a pilot or miner, as it may affect your premiums.
ACKO Life Insurance provides affordable life insurance policies through its digital-first approach. Regular life insurance policies usually have agents and brokers who earn commissions, which add to the cost of policies for customers. ACKO's direct-to-customer model avoids intermediaries, cutting down on distribution expenses and providing lower premiums with complete coverage.
As of 2023, the average life expectancy in India is approximately 72.03 years, with males at 70.52 years and females at 73.60 years. While life expectancy has improved, uncertainties remain.
Poor diet and a sedentary lifestyle lead to deteriorating health. According to a study, approximately 61% of Indian women and 47% of Indian men are at risk from lifestyle-related diseases.
In India, the probability of an individual developing cancer during their lifetime is one in nine. Additionally, it is projected that the number of cancer cases will rise by 12.8 % in 2025 compared to the figures recorded in 2020. Lung and breast cancers were the leading sites of cancer in males and females, respectively.
Heart disease remains a leading cause of mortality in India due to stress, poor diet, and tobacco use. Life insurance gives financial readiness for medical emergencies and future healthcare expenses.
Approximately 14.3% of adults have mental health disorders among all diseases, highlighting its significance. Health insurance is vital for accessing comprehensive mental healthcare. Prioritising mental health coverage in insurance policies is essential for effective support.
As of 2021, India has the highest medical inflation rate among Asian countries, standing at 14%. Furthermore, it is anticipated that the medical inflation rate will experience an additional increase of 10% in 2023.
India recorded approximately 4,80,583 road accidents in 2023. These accidents resulted in nearly 1,72,890 deaths, averaging about 474 fatalities daily.
The sudden loss of a family's primary breadwinner can result in a financial crisis. Most families find it challenging to pay for basic needs, settle debts, and fund a child's education following such a loss.
To buy an ACKO Flexi Term Plan online, you can follow this simple step-by-step guide:
Open the ACKO mobile application or visit the ACKO website.
Log in to your account using the credentials or create an account if you do not have one.
Select the plan according to your life insurance requirements once you log in.
Answer a few questions to determine your life insurance eligibility and the premium amount.
Once eligible for the preferred plan, you can pay the premium online.
After paying the premium, you will receive it through email or download it from the application.
Please note that it is a generic process and may differ depending on your preferred plan and other details.
Organising these papers lowers claim settlement time, and your loved ones receive the sum without any delay.
The documentation of your insurance coverage. Always store a copy somewhere safe.
One that is issued by local authorities and is the key document needed for the claim.
Aadhaar Card, PAN Card, or Passport is needed to authenticate the nominee's information.
To ensure an easy direct deposit of the amount of the payment.
In the event of natural or death due to illness, medical history could be required.
In case of the death of the policyholder, the nominee or legal heir needs to take these steps to raise a claim:
Notify immediately via the customer care or branch office.
Submit original policy documents, death certificate, proof of identity, and bank details for processing.
The insurer validates the claim, and once confirmed, it is settled in the nominee's bank account.
The sooner the documents are presented, the earlier the claim gets settled.
Regarding life insurance, certain types of death typically aren't covered. Here are the 6 most common types:
Involvement in high-risk activities like skydiving or extreme sports may not be covered. Some policies offer "riders" or add-ons that cover such activities.
Life insurance policies typically don’t pay out in the case of suicide, mainly if it occurs within the first two years.
Life insurance usually does not cover death that occurs while committing a crime, like a robbery or other unlawful activity.
Many life insurance policies have an exclusion for death due to war or terrorism.
If a medical condition that was not reported when the policy was acquired leads to death, coverage may be denied.
If the life insurance policy lapses due to unpaid premiums, no payment will be made to the beneficiary.
When there is no nominee specified, or the nominee is pre-deceased, the claim is paid according to legal procedures:
The claim amount is transferred to the spouse, children, or parents according to India's laws of succession.
The sum is divided as per the guidelines stated in the Will.
To avoid unnecessary complexities, update your nominee's information from time to time, particularly after key life events such as marriage or the birth of a child.
So, if you’re trying to claim your life insurance after it matures, here’s the standard procedure
First, read the information in your life insurance policy. It will typically state when you can expect to receive your payout.
Contact the insurance company to let them know you're willing to make a claim.
You must submit a few documents, such as your policy information and proof of identity (any additional documents required by your insurance company).
The insurance company will process the claim after receiving all the required information. You can always follow up to get the updates.
You’ll receive your maturity benefit if all requirements are met. Depending on your policy, it may be a lump sum or in instalments.
Your life insurance requirements vary as your life changes. These are four important times when you should go over and revise your policy:
Your partner financially relies on you. Revising your policy guarantees their future.
Kids bring new expenses. An increased coverage will ensure their education, medical care, and well-being.
A home loan is a serious long-term financial commitment. Your insurance must cover the outstanding loan so your family is not burdened.
As your income grows, so do your expenses and lifestyle expenses. Reviewing your policy keeps your coverage adequate. Reviewing your policy from time to time ensures that it is always aligned with your financial goals and obligations.
Here are some common questions about Life Insurance plans.
Here are some more common questions asked on Discussion & Forums about Life Insurance plans.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions. For full disclaimer kindly click https://www.acko.com/life/disclaimer/
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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