Term insurance
Maximum protection per rupee for people who depend on your income.
Life insurance
If someone depends on your income, life insurance is how you keep that promise.
The purpose is simple: replace the financial value of your future income if you are not there. The hard part is sizing it honestly, disclosing correctly and choosing the right type.
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Compare leading life insurers in one placeIn plain English
Two paths, very different jobs
Pure term insurance buys a large death benefit for a low premium. Traditional endowment and savings plans combine a smaller life cover with a maturity value. Both can be legitimate; confusing their jobs is where bad decisions begin.
Traditional plans
Insurance plus disciplined savings, with lower cover and a maturity value.
Riders
Targeted add-ons for disability, critical illness and premium waiver.
How it works
A policy comes to life in five stages
Five simple stages. Whichever kind of policy you eventually pick, the machine underneath is the same - everything else is about choosing its settings well.
- 01
Apply
State health, lifestyle, occupation, income and existing cover accurately.
- 02
Underwriting
The insurer assesses medical and financial evidence, then offers terms.
- 03
Issue
The final policy schedule records the cover, term, premium and nominee.
- 04
Keep it current
Pay on time and update nomination, contact details and material policy records.
- 05
Claim
The nominee submits the required evidence and the insurer assesses the promise made in the policy.
The two jobs
Protection and savings are different decisions
Pure term insurance is designed to replace income with a large death benefit. Endowment and savings plans combine a smaller cover with a maturity value. Judge each product against the job it is meant to do.
| Term insurance | Endowment / savings | |
|---|---|---|
| Primary job | Income protection | Disciplined long-term saving |
| Cover per premium | High | Low |
| Maturity value | Usually none | Yes, by plan terms |
| Liquidity | Not applicable | Usually limited and costly early |
Types of term cover
Choose the payout shape only after sizing the promise
Level cover
The death benefit stays fixed through the chosen term. It is usually the cleanest starting point for family protection.
Increasing cover
The cover rises by a defined schedule, which may help with inflation but usually costs more.
Decreasing cover
The benefit reduces over time and may fit a defined declining liability better than broad family income protection.
Income payout
The insurer pays in instalments rather than one lump sum. Choose it only when the family genuinely benefits from less flexibility.
Size the promise
Cover income, debts, goals and unpaid work
- Replace the years of income dependants would lose
- Clear home, education and other material loans
- Fund children's education and other committed family goals
- Include the economic value of caregiving and unpaid household work
- Subtract assets already available for these obligations
- Choose a term that lasts through the dependency years - not automatically to age 100
Choosing an insurer
A claim ratio is a clue, not a decision
- Read claim settlement by both count and amount
- Review complaint and repudiation patterns, not one headline percentage
- Check underwriting quality and whether medical tests create a stronger record
- Compare service, policy wording and financial strength together
- Prefer a policy your nominee can understand and locate
- Do not trade accurate disclosure for a faster or cheaper application
Protect the future claim
Disclosure is part of the product
Health history
Declare diagnoses, medication, tests, surgery and relevant family history exactly as asked.
Lifestyle
Smoking, nicotine, alcohol, occupation and hazardous activities must be answered accurately.
Income
Cover is financially underwritten. Keep income proofs consistent and current.
Nominee readiness
Use the right nominee, keep contact details updated, and make sure family knows the policy exists.
Common misconceptions
Four shortcuts that lead to the wrong policy
Ten times salary is enough
A salary multiple is only a sense-check. Debts, goals, dependency years and existing assets decide the actual gap.
A return makes insurance better
Maturity value and protection solve different jobs. Combining them can reduce cover and flexibility.
No medical test means no problem
Avoiding insurer-arranged evidence can make the original application record weaker, not safer.
The nominee owns the money
Nomination helps the insurer discharge the claim; succession and beneficial ownership can depend on law and circumstances.
Tax
Tax treatment is a consequence, not the reason to buy
Premium and benefit treatment depends on the product, issue terms, prevailing law and the customer's tax regime. Protection should fit before any tax advantage is considered.
Go deeper
Choose the part of life insurance you need
An honest fit check
Who this is for - and who should skip it
It fits when
Someone depends on your income or unpaid work. You have loans or long-term family goals.
Consider another route when
No one is financially dependent on you and you have no liabilities. You are treating insurance as a quick-return investment.
Claims, handled
A named human owns the process end to end
One person, one number, from the first call to the final settlement. You stay with your family; we carry the paperwork and follow-ups.
- 01
Call your claim expert
One call starts everything - no forms, helpline queue or ticket number.
- 02
We verify the cover
Eligibility, limits, waiting periods and the right claim route, explained plainly.
- 03
We build and submit the file
Forms are pre-filled, documents checked and insurer queries answered.
- 04
Settled, then explained
Every approval and deduction is broken down. We contest what is unsupported.
Why MITRA
Advice before you buy. A named expert when you claim.
We compare the clauses that decide what gets paid, explain the trade-offs before purchase, and stay accountable when the policy is tested.
Claim-time terms first
Waiting periods, room eligibility, co-pays, exclusions and definitions are reviewed before the premium.
A shortlist, not a catalogue
Recommendations are narrowed around fit, with the downside of each option stated clearly.
Support that continues
For eligible policies bought or ported through MITRA, a named expert coordinates the claim from first intimation to the final explanation.
Good questions
Questions, answered
Straight answers, in plain English.
How much life insurance do I need?
Enough to replace the economic contribution your dependants would lose, clear material debts and fund committed goals, after subtracting assets already available for those needs.
Term insurance or a savings plan - which should come first?
Adequate protection usually comes first. A savings-linked plan has a narrower fit when certainty and disciplined commitment matter more than liquidity and higher expected returns.
How long should life cover run?
Through the years people depend on your income or unpaid work. Extending far beyond the dependency period can add cost without solving a real risk.
Does the nominee automatically own the payout?
Nomination helps the insurer pay the claim, but legal ownership and succession can depend on the policy structure, applicable law and family circumstances.
Is MITRA's advice really free?
Yes - consultations and claims support are free for you. Like all insurance intermediaries, we earn a standard commission from insurers when a policy is issued. Our advisors are measured on fit and claim outcomes, not sales targets.
What does claims support include?
A dedicated claim expert prepares and verifies your documents, coordinates with the hospital, insurer or TPA, resolves queries, and explains the final settlement in plain language. It is included for policies bought or ported through MITRA.
Can MITRA guarantee that my claim will be paid?
No intermediary can decide or guarantee a claim outcome. The insurer decides based on policy wording and the facts of the claim. MITRA makes sure your file is complete, follows up, contests unsupported deductions and escalates when valid grounds exist.
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