IRDAI-registered insurance agent · Prakash Finserv
Life insurance, explained before it is sold
Most people buy cover they cannot describe, from a process that never told them how the decision was made. We do the opposite. We explain what each kind of policy actually does, help you size it against your own numbers, and put an application in front of an underwriter that is accurate the first time.
Start an application Work out your cover
No premium is quoted on this website. Premiums, benefits and acceptance terms are set by the insurer at underwriting — not by us, and not before your application has been assessed.
What kind of cover are you looking at?
There are four categories, and they solve genuinely different problems. They are not ranked here, and nothing is pre-selected — which one suits you depends on what you are trying to protect and for how long.
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Term insurance
Pays the full cover amount on death during the term, and nothing on survival.
Who it suits: Typically people with dependants and loans.
The catch: There is no maturity value — which is precisely why the premium is low.
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Savings plans
Life cover plus a guaranteed maturity payout.
Who it suits: Typically people saving toward a dated goal.
The catch: For the same premium, the life cover is much smaller than a term plan would give you.
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ULIPs
Part of the premium buys cover, and the rest goes into funds you choose.
Who it suits: Typically people with long horizons and a tolerance for variability.
The catch: You bear the investment risk entirely, and there is no liquidity for the first five years — no surrender or withdrawal, full or partial, until year five ends. This is a regulatory feature of every unit-linked product, not a quirk of any one insurer's plan.
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Retirement plans
Converts a lump sum into a fixed income, for life or for a set period.
Who it suits: Typically people at or near retirement, converting a corpus into income.
The catch: It is largely irreversible.
Every one of these has a catch, and it is stated above rather than further down some other page. A category that looks like it has no downside is a category that has not been explained to you properly.
The questions worth answering before you buy
How much cover do you actually need?
Cover is usually sized by replacing what your income does for other people, then adding what you owe and subtracting what you already have. Ten to fifteen times annual income is a common benchmark, but a benchmark is a starting point, not an answer — the honest number depends on your liabilities, your dependants and how long they would need support.
What does an underwriter actually look at?
An underwriter is assessing how likely a claim is and how soon. That means your age, your health history, your family's medical history, your build, your tobacco use, your income and your occupation. Most applications are accepted as applied for. Some are accepted on altered terms, and a few are declined.
Why do applications get loaded or declined?
Almost always because of something disclosed in the health or lifestyle answers, or something found at a medical test. Being loaded is not a rejection — it is the insurer pricing a risk it has understood. The outcome that causes real damage is a non-disclosure discovered later, at claim.
What happens if you get a question wrong?
Section 45 of the Insurance Act lets an insurer question a policy on the grounds of misstatement or non-disclosure within three years of it starting. After three years a policy cannot be contested on those grounds. This is the single strongest argument for answering every question accurately the first time.
What we are, and what we are not
Prakash Finserv is the trading name of Dr. Sonali Walia, a licensed life insurance agent registered with the Insurance Regulatory and Development Authority of India. The practice is a sole proprietorship, and the agency is held personally by the agent — so you always know exactly who is accountable for what you are told. We are paid commission by the insurer whose products we place, at rates set within IRDAI limits — you do not pay us a separate fee.
We do not:
- underwrite risk, or decide the outcome of any application or claim
- quote premiums, project returns, or state what a policy will pay
- compare across insurers — we are tied to a single life insurer, named in the footer of every page
- give investment, tax or legal advice
Who you are actually dealing with →
How we work, and what happens after you apply →
Last reviewed: 31 August 2026