Life Insurance (US + India incl. LIC)
Pays a death benefit to beneficiaries. Term (set period, cheaper) vs whole/permanent (lifelong + cash value). India: LIC is the largest insurer; all regulated by IRDAI.
Do it on the official site
US: licensed insurers + agents (many term policies online). India: LIC (licindia.in) + other IRDAI insurers — policyholder.gov.in
- Fees
Premiums vary heavily by age/health/amount/type — get a quote; term much cheaper than whole; no fee to register/change a nominee.
- Processing time
Underwriting instant (no-exam) to several weeks; US death claims ~30–60 days; India within 30 days (90 if investigated)
- How long it lasts
Term = chosen length; whole/endowment = lifetime/policy term while premiums paid
What to know first
- Term covers a fixed period and pays only if you die during it; whole life lasts your whole life + builds cash value (~5–15x costlier).
- Name and update beneficiaries/nominees; US death benefits generally income-tax-free.
- India: per IRDAI a death claim must be settled/repudiated within 30 days of complete docs (90 if investigated); changing the nominee is free anytime.
- Honest health disclosure is critical to avoid claim rejection.
How to do it
- 1Buy: decide term vs whole + amount → compare quotes → apply (health questionnaire, possibly a medical exam) → pay first premium → record nominee/beneficiary.
- 2Nominate: designate primary + contingent; update after life events (free in India).
- 3Death claim: beneficiary/nominee submits claim form + certified death certificate (+ LIC Form A/3783 + original policy bond in India).
What you need to bring
- Buy: application, ID, health/medical info, nominee details. Claim: claim form, certified death certificate, policy details (+ India: original policy bond, LIC Form A).
In person
Life insurance agent / financial advisor; LIC branch (India)
Questions people ask
- Term or whole?
- Term for affordable temporary cover; whole for lifelong + cash value.
- Who can be a beneficiary?
- Anyone — spouse, kids, charity; split shares allowed.
- India: how fast must a death claim be paid?
- 30 days of complete docs (90 if investigated).
Sources
- guardianlife.com; licindia.in claims; policyholder.gov.in (accessed 2026-06-26)