Tell our AI your income, expenses, loans, and goals. It calculates the right cover amount, recommends the best riders, and helps you choose the right policy — based on your life, not a generic formula.
Foliyo is not an IRDAI-registered intermediary. Information provided is for educational purposes and does not constitute a solicitation to purchase insurance.
These are the decisions the Foliyo insurance assistant helps you think through: cover amount, policy term, riders, premium trade-offs and insurer comparison.
A quick rule is 10 to 15 times annual income, but it is only a starting point. A better calculation adds your family's living expenses, unpaid loans, children's education, major future goals and inflation, then subtracts existing investments and insurance. The right cover is the amount your family would actually need to keep life stable if your income stopped.
It estimates the annual or monthly premium for a chosen life cover, policy term and rider mix. The final premium still depends on underwriting: age, income, smoking status, health history, occupation and medical tests. Use it to compare options, not as a final quote.
A 1 crore term plan sounds large, but for many urban Indian families it may not be enough. If a family spends 12 lakh a year, has a home loan and needs to fund school or college, 1 crore can get used up faster than expected. For a young earner with fewer liabilities it may be adequate; for a high-income family it may be too low.
Return of premium term insurance refunds the base premiums if you survive the policy term. The trade-off is that premiums are much higher than a plain term plan. It can feel comforting, but it is usually better to compare the extra premium against what that money could earn if invested separately.
Buy it only if you clearly value the forced-savings feature and understand the cost. If your priority is maximum protection at the lowest premium, a plain term plan usually does the job better. If you are comparing both, look at the extra premium over 20 to 30 years, not just the refund promise at the end.
Critical illness insurance pays a lump sum if you are diagnosed with a covered serious illness and meet the policy conditions. Common examples include certain cancers, heart attack, stroke or kidney failure. It is different from health insurance: health insurance reimburses hospital bills, while critical illness cover gives cash that can help with treatment gaps, income loss, travel or recovery time.
The list depends on the insurer and rider. Commonly covered illnesses include major cancers, first heart attack, stroke, kidney failure, major organ transplant, paralysis and coronary artery bypass surgery. Do not rely only on the count of illnesses covered; read the exact definitions, survival period and exclusions.
An accidental disability rider pays an additional benefit if an accident causes permanent disability, depending on the rider wording. It matters because disability can be financially harder than death: income may stop while medical and caregiving costs continue. Check whether the rider covers only permanent total disability, or also partial disability, and whether it includes waiver of future premiums.
Eligibility usually depends on age, income, occupation, health, lifestyle and financial justification for the cover amount. Insurers may ask for income proof, medical tests, smoking status and existing policy details. Very high covers can be declined or reduced if the requested sum assured is not supported by income.
Term insurance and ULIPs solve different problems. Term insurance is pure protection: high life cover for a low premium. ULIPs combine insurance and investment, but the life cover is usually much lower for the same premium. Many buyers find it easier to evaluate protection and investment separately: term cover for risk, separate investments for goals.
Term insurance is mainly needed while people depend on your income. For many salaried users, cover till 60 or 65 is enough if loans are closed and children are independent by then. Cover till 80 or 100 costs more and often protects years when there may be no income dependency. Choose the term based on liabilities, not fear.
Both are large private insurers, and the better choice depends on the exact plan, premium, claim process, rider definitions, medical underwriting and your profile. Do not choose only by brand name or claim settlement ratio. Compare exclusions, premium guarantees, rider wording, medical disclosure rules, solvency, and how easy the claim process would be for your family.
There is no single best term plan for everyone. A good plan gives enough cover, has clear exclusions, fair rider options, a stable premium, and a claim process your family can actually navigate. The right answer changes with age, income, health, smoking status, loan burden and family responsibilities.