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Coverage from
₹25 lakh to ₹100 crore
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when you need
Life Insurance
Life insurance is a legally binding contract between a policyholder and an insurance company. Under this contract, the insurance company promises to provide a financial benefit (life coverage amount) to the nominee if the life insured passes away during the policy term. The life insurance payout can be used to manage everyday expenses, clear debts, or help the nominee stay financially stable. One important part of the contract is that the policyholder must pay premiums on a timely basis for the life insurance plan to remain active.
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What is Life Insurance?Types of Life InsuranceBenefits of Life InsuranceHow Does Life Insurance Work?Life Insurance Policy Offered by ACKOMr Kumar's Life insurance JourneyWhy ACKO Life Insurance?Join MillionsDownload ACKO Life Flexi Term Plan Policy WordingPayout Options Available for ACKO Life Insurance PlansHow to Buy ACKO Life Flexi Term Plan OnlineWho Should Buy Life Insurance?How Much Life Insurance Coverage Do You NeedHow Much Life Insurance Do I Need?How to choose the best life insurance?<strong>What are The Factors That Affect Life Insurance Premiums?</strong>What are the documents required to buy life insurance online?How to file a life insurance claim?What are the documents required to file a life insurance claim?Facts About Life Insurance in IndiaBasic Life Insurance Terms You Should KnowFAQs (General)Life insurance is a way to make sure your family has financial support if something happens to you. The insurance benefits in exchange for the premiums are provided to your loved ones so they can manage regular expenses like running the house, paying school fees, managing EMIs, covering medical costs, and other daily needs.
When you buy a life insurance plan, you choose how you want to pay the premiums. You can pay once, or you can opt for monthly or yearly payments, whichever suits your budget and comfort. If you are not sure how much life insurance coverage you should buy or what the premium might cost, an online life insurance calculator can help you quickly get an estimate.
Before you buy life insurance, it’s natural to have many questions and a bit of confusion because there are so many types of life insurance in India. It’s important to understand which life insurance plan will suit your insurance needs. Here’s a simple list of the different types of life insurance to help you compare and choose the right plan easily.
| Plan Type | Details |
| Term Insurance Plans | Financial protection for a fixed period. Money is paid to your family if you pass away during the term. |
| Term Plan with Return of Premium (TROP) (Subtype) | A type of term plan where your premiums are returned if you survive the policy term. |
| Whole Life Insurance | Financial protection for your entire lifetime, usually up to age 99. The payout goes to your family whenever you pass away. |
| ULIPs (Unit-Linked Insurance Plans) | A plan that offers family protection and also invests part of your premium in market-linked funds. |
| Endowment Plans | Financial protection for your family plus a guaranteed lump-sum amount if you survive the policy term. |
| Pension / Retirement Plans | Helps you save for retirement by building a corpus and giving you a regular income after you retire. |
| Money Back Plans | Insurance with periodic payouts (money back) during the policy term. |
| Child Plans | Financial protection for your child’s future plus savings to support their education and other important needs. |
| Annuity Plans | Provides a regular income after retirement. You can invest a lump sum or pay regular premiums (depending on the plan), and the income can start right away (immediate annuity) or after a chosen period (deferred annuity). |
Life insurance offers financial support to your family when it is needed most. The benefits of life insurance you receive depend on the type of life insurance plan you choose. While some life insurance plans combine protection with savings or investment features, term insurance focuses only on providing financial protection without adding return or maturity benefits.
Provides financial support to your family. This helps manage household expenses, EMIs, education, and daily needs if you pass away.
The sum assured is given to your nominee if you pass away during the policy term. A death benefit is the core feature of all life insurance types, from term to permanent (whole, universal life, etc)
Premiums paid qualify for a deduction under Sections 80C and 80D. Policy payouts are usually tax-free under Section 10(10D), subject to conditions. This applies to all life insurance plans.
You can add extra protection like critical illness, accidental death, or disability cover. This applies to all life insurance plans.
Life insurance gives you confidence that your family will be financially supported. It reduces stress about the future. This applies to all life insurance plans.
Life insurance plans pay you a lump sum at the end of the policy term. You get this amount if you survive the duration of the plan. Some of the plans with maturity benefits are Endowment, ULIP, and Whole Life.
Life insurance plans help you save or invest while staying protected. Your money grows over time through bonuses or market-linked returns. Some of the types are Endowment, ULIP, and Whole Life
Some plans build cash value and allow you to borrow money against your policy. This gives you quick access to funds during emergencies. Some of the plans are Endowment, ULIP, and Whole Life.
Life insurance follows a simple flow. You choose a plan, pay your premiums, stay covered through the policy term, and your insurer provides the payout when a claim is made. Here’s how it works:
Life insurance is a contract between you (the policyholder) and the insurance company. This is the stage where you spend time finalising the right type of life insurance plan for your needs. It could be term insurance, whole life insurance, etc. It all depends on the reason you’re buying life insurance in the first place.
Once you have decided on the type and which plan from which insurer, you can buy the policy online or offline, whichever is more convenient for you.
Once purchased, you simply pay the premiums as per the schedule mentioned in your contract. Since you’ve already chosen this during the buying process, your role is just to make the payments on time. In return, your loved ones stay financially protected.
Remember, premiums depend on factors like your age, gender, occupation, policy tenure (duration), coverage amount (sum assured), and more. It’s a smart idea to use a calculator beforehand so you understand your premiums upfront.
With regard to claim filing, family members can do it either online or offline, depending on their comfort and the insurer’s process. The insurer will guide them on the documents needed.
One thing you should always check before buying a life insurance plan is the insurer’s claim settlement ratio. This helps you understand how reliable the insurer has been in paying out claims.
Once the life insurance claim is filed, the very last stage is when the insurer reviews the claim. After everything is verified, the insurer releases the sum assured to your nominee.
The ACKO Life Flexi Term Plan is a unique, non-linked, pure-risk term policy that gives you the freedom to increase or reduce your coverage in the way you want. We understand your needs may not be the same tomorrow as they are today.
Sometimes it’s easier to understand life insurance when you see how it works for someone in a real situation. So here’s a simple example of Mr Kumar and the steps he takes to protect his family.
Many people choose ACKO Life Insurance because they want an insurer that keeps things clear and dependable. ACKO focuses on making the life insurance experience easier to understand and trust.
| Benefits | Details |
| 100% Paperless | Buy, update, and manage your policy completely online without branch visits. |
| Affordable Premiums | Comprehensive coverage at affordable premiums. |
| Fast Policy Issuance | Get your term plan quickly with a simple process. |
| Transparent Pricing | Clear premiums with no hidden charges or confusing add-ons. |
| Strong Claim Support | A customer-first approach to make the claim experience as simple as possible. |
| Dedicated Customer Support | Support and communication are designed to keep things simple and clear for you. |
| Easy Policy Management | Update nominees, adjust riders, or modify your coverage whenever life changes. |
Who trust ACKO general insurance for everything they value
Customers insured
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Claim settlement ratio
Fastest claim settled
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 decide how to use the money based on their short-term and long-term needs.
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.
Life insurance plays an important role at every stage of life, especially if you have someone who relies on you financially. For single individuals, married couples, parents raising children, senior citizens, people living abroad as NRIs, or self-employed professionals running their own business, having life insurance is important.
| Parents with Children | If you have kids, make sure they are financially secure, even when you’re not there. A life insurance payout can cover educational expenses, living expenses, and future goals. |
| Married Couples | If your family or spouse depends on your income for bills, rent, or a mortgage, life insurance can prevent financial hardship if you pass away unexpectedly. |
| Young Professionals | Having a life insurance plan early means lower premiums and lifelong protection. |
| Business Owners (Self-Employed Individuals) | Your company is your legacy. Life insurance protects your loved ones, employees, and business partners from sudden financial stress. |
| Retirees & Seniors | Even in retirement, life insurance can help cover medical expenses, leave a financial gift, or protect your family from outstanding debts or responsibilities. |
| NRIs | If you live abroad but have family back home, life insurance ensures they stay financially supported. |
There are a few simple ways to figure out how much life insurance coverage is right for you and your family. Here are some key things to keep in mind when deciding the amount you need.
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.
Include any mortgage, car loan, or credit card debt. This helps protect your loved ones from having to repay them.
Consider school fees, college costs, and other financial dreams. These may include weddings, buying homes, or supporting your kids' careers.
If your parents are old or you have health problems, add extra coverage for medical costs or long-term care.
Take your current savings, assets, or investments away from the coverage amount you need.
Find your coverage now: https://www.acko.com/life/p/segment
Life insurance is about protecting the people who depend on you. The right life insurance plan helps your family cover daily expenses, repay home or personal loans, and manage future costs like children’s education if you’re not around. That’s why choosing the best life insurance plan based on your needs, from a trustworthy insurance company, is important. Below are the key factors to help you choose the right life insurance plan in India.
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 different types of life insurance:
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.
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.
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:
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.
The details of the person who will receive the sum assured, such as name, age, contact details, etc.
A few passport-sized photographs, usually around 2-3.
The life insurance claim process is much simpler today than it used to be. Here’s how you can file a claim step by step:
First of all, reach out to the insurer as soon as you can and share basic details about the policyholder. You can do this through the company’s official website, customer care number, or email.
Download the claim form from the insurer’s website or collect it from a branch office. Fill it in with accurate information.
Share the completed claim form along with all the required documents with the insurer. After submission, you can easily track the status of your claim through the insurer’s app, website, or customer support team.
With regards to a life insurance claim settlement process, you’ll need to submit the claim form along with the following supporting documents:
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Life insurance policy terms can feel confusing at times. But understanding these simple life insurance terminologies is important for you.
| Terminology | Definition |
| Policyholder | The person who buys the policy and pays premiums |
| Insurer | The policy provider that accepts the risk and pays for losses during the policy term |
| Riders | Add-ons for extra protection, like Accidental Death or Critical Illness |
| Insured Person/ Life Assured | The person covered under the policy |
| Sum Assured/ Coverage | Amount the insurer pays during a claim |
| Policy Term | Total duration of financial protection and benefits |
| Nominee/ Beneficiary | The person selected by the policyholder for the benefits |
| Premiums | The regular amount agreed to paid (monthly, quarterly, half-yearly or annually) by the policyholder |
| Maturity Benefit | Amount paid by the insurer when the policyholder outlives the policy term |
| Death Benefit | Amount paid to the nominee if the policyholder passes away during the policy term |
| Free Look Period | A window/time the insurer gives to the policyholder to review and cancel the policy without surrender charges |
| Grace Period | A window/time to pay premiums after the due date before the policy becomes inactive |
Thinking about getting life insurance can bring up a lot of questions. Here are some of the most commonly asked life-insurance-related questions to help you get the answers you need before making a decision.
ACKO Life Insurance is doubling down on its protection focus, prioritising term insurance while also planning to expand into pensions and annuities, said the company's CEO Sandip Goenka, during an interaction with Moneycontrol. Read more
ACKO Tech, the parent company of ACKO General Insurance, has announced its expansion into the life insurance sector with the launch of ACKO Life Insurance. The company's debut offering is ACKO Flexi Term Life Insurance Plan. Read more
ACKO Tech, the parent company of ACKO General Insurance, has launched ACKO Life Insurance with its new Flexi Term Life Insurance Plan. This move marks ACKO's expansion from general to life insurance. The ACKO Flexi Term Life Insurance Plan offers customizable coverage to adapt Read more
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/
Written by
Shreya Sahu
Content Editor
Shreya is a travel content writer with 5+ years of experience, turning hidden gems and dream getaways into inspiring, engaging stories. She enjoys exploring local cultures, slow travel experiences, and meaningful journeys while planning her next escape.
Reviewed by
Vaibhav Kumar Kaushik
Senior Director – Life Insurance Strategy
Senior Director – Life Insurance Strategy at Acko, I drive customer-centric, digitally led strategies that shape the future of Life insurance. With expertise in new business development, D2C growth, and investment management, I’ve helped build and scale Acko’s Term Life offerings by aligning customer insights with innovative product strategy to fuel sustainable growth.
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