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The sum assured is an important factor when purchasing all types of life insurance plans. This includes the best family life insurance plans as well. Without the appropriate sum assured, you may not be able to offer the best financial safety net to your loved ones who have to take care of themselves after your absence.
A balanced formula could be:
Required Cover = Outstanding Liabilities + Future Goals + Income Replacement + Emergency Fund
This method ensures your family receives adequate support to meet both immediate and long term financial needs.
Feature | Family Life Insurance | Individual Life Insurance |
|---|---|---|
| Coverage Scope | Spouse, children and dependents under one policy | Single life—personalised cover for one individual |
| Premium Consolidation | One collective premium | Separate premiums for each policy |
| Cost Efficiency | Economies of scale; lower per-person cost | No scale benefits; may cost more overall |
| Policy Management | One nomination process | Separate legal nominees |
| Claim Settlement Ratio | Single claim process; faster payouts | Independent claim processes for each policy |
| Flexibility | Easier rider addition across members | Riders apply individually per policy |
A whole family life insurance policy covers all listed members—spouse, children and dependent parents—under one umbrella. It remains active throughout the policy term as long as premiums are paid. On any covered member’s demise, the nominee receives the agreed sum assured without affecting the cover of surviving members.
Without family life insurance, your dependents may face severe financial strain. Immediate cash needs—such as household expenses, loan repayments and children’s education—must be met from savings or asset liquidation. This can erode long-term goals like retirement planning for your spouse. Additionally, absence of a structured financial safety net increases stress and uncertainty for loved ones during an already difficult time.
Yes, purchasing multiple whole family life insurance policies enables you to layer coverage and customise benefits. You may want to buy a new family life insurance cover in light of new liabilities such as a loan, or new life roles and responsibilities like marriage or children.
Factors like age, health, sum assured, and policy term are influential in deciding the premium you would have to pay. Additional riders can be taken to increase the benefits of the plan. However, they will charge additional premium. Remember to use a life insurance premium calculator and compare prices between different insurance companies to get the best price.
Most insurers allow modifications—such as adding or removing members, increasing sum assured, changing policy term or attaching new riders—subject to underwriting and policy terms. Amendments may require fresh medical declaration or tests and can adjust premiums accordingly. Review your plan periodically to align with evolving family needs.
There is generally no waiting period for the basic benefits of a life insurance policy. The waiting period applicable for pre-existing illnesses can be between one and four years. Critical illness or other rider benefits may have separate sub-waiting periods. During this time, claims related to these exclusions are not payable. Waiting periods can be different for different policies offered by different insurance providers. Always check policy documents for specific waiting timelines and conditions to avoid future surprises.
** Tax exemptions are as per applicable tax laws from time to time.
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IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
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