Section 10(10D) of the Income Tax Act gives exemption on any income received as death benefit or maturity benefit from a life insurance policy. This includes sum assured as well as bonuses received, if any, of endowment plans, whole life plans, cash back policies, ulips and term policies. Annual premium paid in any year should not be more than 20 times the sum assured during the policy's term. 10 (10D) exemption is not applicable to pension plans and annuities.

    The term assurance is sometimes used interchangeably with life insurance. Assurance is used in case of events such as death, which is certain to occur, only at an uncertain time. Assurance is not used in other insurance contracts such as fire insurance, motor insurance, and personal accident insurance since loss or damage is not certain to happen in these cases.

    Catastrophic Health Insurance plans are special health insurance plans popular in USA and countries. They are somewhat like Critical Care policies in India. Catastrophic health insurance policies are meant to cover medical expenses arising due to severe or lengthy illnesses. Benefits on some policies are paid only when the threshold expense has been paid by the insured.

    Banks, companies, housing societies, brokers etc, who act as agents form the corporate agents of insurance companies. Corporate agents are licensed by IRDA. These constitute secondary sources of sales for insurers; individual agents bring majority of the business for insurers. SBI Life is an exception; bancassurance is the primary source of business for it. 


    Claim settlement ratio is the number of insurance claims settled per 100 claims received. Closer to 100, the safer it is to go with the insurance company. This is an important number since it shows the chances of your insurance claim being rejected or paying out benefit.

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