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Overview Life Insurance in Nashik

Nashik is in the northern region of Maharashtra and is the largest city in the region. The city has close proximity to the holy river Godavari making it a fertile land. The city is one of the fastest-growing cities in India with many big corporations having their offices or factories in the city. Nashik is also considered to be the automobile hub of the country with the major players having their plants in the city. It is popular for its wine industry and has tourists across the country visiting the vineyards in the city.

The life insurance industry in the city like any other city in India is quite popular with the majority of people opting for a cover for themselves and their family members. But there is still a long way to go. Even today, there is a significant population in India that do not have access to basic life insurance. However, this situation is fast improving on account of growing information and awareness about importance of life insurance, dynamic life insurance products, increase in the per capita income of the people to afford the life insurance policies, etc.

Given below are the basic details of life insurance and its need in Nashik.

What is life insurance?

Life insurance also commonly referred to as term insurance is the most common form of insurance in India. Life insurance is used to provide safety or financial security to safeguard the future of an individual and/or their family members.

There are multiple types of life insurance available to the residents of Nashik. These life insurances provide financial stability as well as help in fulfilling long-term goals like investment, building a corpus fund, wedding in the family, higher education, travel, etc.

The various types of life insurance plans that can be available to the residents of Kanpur are highlighted below.

Term plans

Term plans were earlier referred to as the only type of life cover available to people. These plans have a tenure of a minimum of 5 years to a maximum of 50 years. These plans do not provide maturity benefits to the policyholders but only death benefits are provided to the legal heir of the policyholder.

Term Plan with a return of premium

This plan is a modified version of the basic term plan. Under these plans, the policyholders can receive a portion of the premium paid at the end of the policy tenure if no claim is made for a specified period. This policy thus helps in getting the premium amount back at the same time maintaining the benefits under the plan

Retirement plans

These plans focus on providing retirement benefits to the policyholders in the form of pension or fixed monthly amounts as per the agreement between the insurer and the insured person. Death benefits are given to the nominee of the policy holder.

Endowment plans

Endowment plans are used to get the benefits of insurance as well as investment. It helps the policyholders to build a corpus fund that can be used in meeting their long-term requirements like wedding in the family, child’s education, home repairs and renovation, travel, etc.

Group life insurance

This type of insurance is blanket insurance that is taken by the employer of a company for their employees. The cover provided is standard (usually Rs.5,00,000) and can be extended to the eligible family members too if provided by the insurer.

Whole life insurance plans

Policy holders can get coverage for their entire lifetime under these plans. The tenure is long term (usually 99 years) and the premium amount can be paid at flexible terms. It is often known as the cheapest form of life cover available in India.

Child plans

Child plans, as the name suggests, focus on securing the future of the child. Parents can take these policies from the time of birth of their child till the time they attain adulthood. The fund accumulated at maturity can be used for their higher education or wedding or other expenses liker travel, business venture, etc.


ULIPs are the oldest form of mutual fund investments in the Indian market. Insurance under these plans is linked with the mutual funds selected by the investor that helps in earning market returns at the same time securing their future. These funds have a minimum lock-in period of 3 to 5 years depending on the insurer.

Money-Back plans

Money back plans as the name suggests, provide the benefit of giving back a portion of the sum assured to the policyholder. Such portion is provided at regular intervals as per the agreement between the policyholder and the insurer. The balance amount of the sum assured is received at the time of maturity of the policy by the policyholder or their nominee.

Life Insurance in Nashik FAQs

1. What are the steps to buy a life insurance policy?

A. life insurance can be bought online or offline. Given below are the steps for each mode.

Online mode

The steps to buy a life insurance policy online are,

  • First step is to visit the website of the insurer
  • Select the plan to be purchased from the multiple options available
  • After this, the applicant will have to provide details of basic KYC as required by the insurer
  • Next step is to determine the premium to be paid and frequency of payment
  • After this, the applicant will have to select the mode of payment
  • Finally, the applicant will have to make payment of an initial amount to complete the process
  • This will give the policyholders the details of the policy and other relevant details immediately
  • Original copy of the policy will be sent through registered post by the insurer

Offline mode

The offline mode of buying life cover is mentioned below.

  • Visit the nearest branch office of the insurer
  • Select the plan based on the individual needs from the available options
  • Download the application form from the website or get a form from the branch office.
  • Duly fill the form and submit it with the required documents
  • Pay the initial policy amount 
  • Get the original copy of the policy and payment receipt

2. How to make the premium payments for life insurance?

A. Premium on life insurance can be paid through online or offline modes like net banking, mobile banking, cheques, ECS mandate, etc.

3. What is the tenure of policy?

A. Tenure of policy is the time frame when the life insurance policy is active

4. What is minimum age to get a life cover?

A. The minimum age to get a life cover is 18 years. Parents can take life cover form their newborn child too.

5. What is the maximum amount of loan received on a life insurance policy?

A. The maximum amount of loan received on the life insurance policy is up to 90% of the policy value.

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